Morocco's forex reserves rise by 24.2 pct to 32.5 bln USD

0 Comment(s)Print E-mail Xinhua, November 30, 2020
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RABAT, Nov. 30 (Xinhua) -- Morocco's net foreign exchange reserves amounted to 32.5 billion U.S. dollars by Nov. 20, up 24.2 percent year on year, Moroccan central bank said in a report published on Monday.

From Nov. 19 to 25, the central bank injected 11.4 billion dollars in the financial market, while the local currency dirham depreciated by 0.15 percent against the euro and depreciated by 0.36 percent against the U.S. dollar, according to the report.

According to the official data, Morocco's economy is expected to contract by 6.3 percent in 2020 due to the COVID-19 pandemic, and government debt will soar to 75.3 percent of GDP in 2020 from 65 percent in 2019. Enditem

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