According to the High Commission for Planning, the central bank’s foreign currency assets contracted by 11.7 percent since the end of August 2016.
The October summary stated that the shift was linked to higher purchases in foreign currency by commercial banks.
This monetary increase is likely to decrease during the third quarter of this year with only an increase of 4.7 percent, rather than a 5.5 percent increase last year.
The governor of Bank Al-Maghrib, Abdul-Latif al-Jawahri, said that some banks have been purchasing a great deal of foreign currency as they anticipate the devaluation of the dirham.
