Morocco's foreign currency reserves up, tourism receipts drop by end of april

Foreign currency reserves at the central bank (Bank Al-Maghrib) reached 101.82 billion dirhams (some USD 11 billion) by April 30, 2003, as compares to 98.53 billion Dirhams ($10.7 billion) during the same period of last year, i.e. a 3.3% rise, the exchange office said in its latest newsletter.

The reserves are worth eleven months of exports, the same level as last year's.

During the same period, the kingdom's tourism returns fell by 9.5%, falling down from 6.31 billion dirhams (us$$ 685 million) to 5.71 billion dirhams (us$$ 620 million), the source said.