VOL. XLIV

No. 12

19-March-2001

MOROCCO

Moroccan Foreign Currency Reserves Down Despite Increasing Balance Of Trade Deficit

The Central Bank of Moroccos (CBMs) foreign currency reserves reached MD52.65bn ($4.87bn) at the end of 2000, 10.6% lower than at the end of the previous year.The decline, according to analysts, is due to an increase in the costs associated with oil import financing and subsidization, as well as to the countrys two-year drought. The reserves are enough to cover six months of...