Official reserve assets (AOR) increased by 39 billion dirhams (MMDH) compared to their level at the end of December 2019, making it possible to cover more than 7 months of imports, said Wednesday in Rabat, the Minister of Economy, Finance and Administrative Reform, Mohamed Benchaâboun.
Banks’ foreign exchange reserves have maintained an acceptable level of MAD 16 billion at the end of May 2020, explained Benchaâboun, in a presentation on the economic situation at the end of June and the outlook for the year 2020, at a meeting joint between the Committee on Finance and Economic Development in the House of Representatives and the Committee on Finance, Planning and Economic Development under the House of Advisors.
The minister noted “the absence of any pressure in the foreign exchange market and the stability of the exchange rate of the dirham around the reference rate without any intervention by Bank Al-Maghrib (BAM)”, reporting a decrease of exports from Morocco’s global trades, such as Automotive (-40.3%), Aeronautics (-30.4%), strongly impacted following the closure of the global economy and its impact on international supply chains.
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