Morocco's forex reserves shrink nearly 5 pct in 2018

RABAT, Jan. 12 (Xinhua) -- Morocco's net international reserves amounted to 24.2 billion U.S. dollars by the end of 2018, with a year-on-year decrease of 4.9 percent, official statistics show on Saturday.

In mid-January 2018, Morocco decided to adopt a more flexible exchange rate, raising the official band of dirham's fluctuation to 2.5 percent above or below the official rate from the previous 0.3 percent.

The dirham is pegged to a two-currency basket weighted 60 percent to the euro and 40 percent to the dollar.

The authorities said widening the dirham trading band is part of a broader plan to float the currency and make the economy more resilient against external shocks and help along its growth.