Morocco reports drop in 2017 forex reserves

Morocco’s foreign exchange reserves stood at $25.81 billion by the end of 2017, shrinking by 3.3 percent compared with the previous year, Morocco’s Central Bank said. According to a statement by the central bank, the exchange reserves, however, increased 0.7 percent in the week between Dec 28, 2017 and Jan 3, 2018. Morocco’s dirham dropped 0.13 percent against the euro and 0.21 percent against the US dollar. The drop in Morocco’s foreign reserves comes as the country plans to move to gradually float dirham.