Morocco's hard currency reserves amounts to record $ 6 billion

Morocco's hard currency reserves amounted, for the first time in the country's history, to $ 6 billion.

This record reserves were reached after the selling of the 2nd Moroccan mobile phone license network ($ 1.08 billion), an increase in the remittances of immigrants and returns of tourism, said the Moroccan government spokesman, Khalid Alioua, at a briefing held after a cabinet meeting.

The budget deficit has been maintained at 2.3 % of GDP against the forecasted 3 % thanks to the increase of returns of taxes, customs duties and rationalization of public spending which was reduced by around $ 300 Mln.

Earlier this month, Morocco's central bank, Bank Al-Maghrib, said the country's hard currency reserves have exceeded for the first time $ 5.8 billion which will allow the country to cover 7 months of imports.

Morocco has sold lately its 2nd mobile phone network to an international consortium for $ 1.08 Bln while the remittances of its immigrants have exceeded this season one billion dlr equalling tourism income.