Strong stability of the Moroccan dirham against the euro and the dollar and an increase in hard currency reserves at the Bank of Morocco

My Press – Economy and Finance |The monetary and financial indicators issued byBank of MoroccoThe continued stable performance of the Moroccan dirham in the exchange market against both the European euro and the US dollar, in parallel with the strengthening of the Kingdom’s stock of official hard currency reserve assets.

Tourism revenues and community remittances support the Kingdom’s reserves

Financial experts attribute this monetary strength to the strong dynamism of three basic tributaries of the national economy during the current year:

• Convenient import coverage:The official reserve assets of the Bank of Morocco cover more than 5 and a half months of imports of goods and services, a level that exceeds international standards for financial security.
• Record jump in tourism revenues:Tourism income in hard currency and remittances from Moroccans around the world contributed to providing abundant liquidity in the national banking market without the need for exceptional interventions from the Central Bank.
• Growth prospects in 2027:The draft finance law expects to achieve an economic growth rate of4.7%In the year 2027, while controlling the budget deficit within the limits of3%Of the gross domestic product.