Morocco's Foreign Exchange Reserves have declined this year, driven by high oil prices, tourism revenues and expats’ remittances, and due to some external factors that the Kingdom will not be in control of next year. Morocco's Central Bank expects Foreign Exchange Balance to fall to $24.1 billion y-o-y from $25.2 billion last year, registering a decrease of $2 billion from 2016.
Moreover, the Central Bank expects the balance to reach $25 billion by 2019, which will enable it to cover 5 months of imports of goods and services, taking into account the Government's intention to resort to International market for borrowing.
The Foreign Exchange Balance’s findings fell below Central Bank’s forecasted level at $26.9 billion at the beginning of the year.
Source: (Al-Arabi Al-Jadeed Newspaper, Edited)
