Morocco's hard currency assets rise by 29.6%

Morocco's hard currency assets reached 98.6 billion Dirhams($8.57 Bln) end of February 2002, which is a rise of 29.6% in comparison with the same period of the previous year, said the ministry of economy, finance, privatization and tourism.

According to a report compiled by the department of the general economic policy, the rise was enhanced by a 29.3% rise of the bank's assets of convertible currencies.

The amount of these currencies represented by the end of last February the equivalent of almost a year of imports compared to 8 months at the same date in 2001.

This evolution was made possible thanks to a rise of tourism returns and Moroccan expatriates' remittances in 2001, the ministry said.