Morocco’s central bank said it has purchased hard currency from the local exchange market to absorb the surplus. The bank said it would keep the decision as long as needed to ensure the market was working well.
Remittances from Moroccans living abroad, one of the main sources of Morocco’s inflows of hard currency, rose 45.6% over the year ending in July to 54 billion dirhams, equivalent to 6 billion dollars.
This helped offset some of the losses in the tourism sector due to COVID-19 restrictions.
Morocco’s foreign exchange reserves amounted to 313 billion dirhams, 34.7 billion dollars, at the end of August, which is enough to cover seven months of imports.