The rise in the net international reserves of banks came, according to the latest figures issued by the Central Bank at the end of last January, coinciding with the continuation of increasing the net reserves of banks to 80.6 billion dirhams, compared to 59.6 billion dirhams at the end of December 2018, despite the decrease in the international reserves of the Central Bank to 343.4 billion dirhams during the same period of monitoring.
The total international reserves of banks operating in the country increased to 709.6 billion dirhams at the end of last January, compared to 679.5 billion dirhams at the end of December 2018.
It appears from the same figures that the rise recorded in the net international reserves of banks came also with the rise in foreign liabilities of banks operating in the country by approximately 9 billion dirhams at the end of January The past, as its total value increased to 629 billion dirhams, compared to 619.9 billion dirhams at the end of December 2018.
According to international monetary standards, the process of fixed linkage of the exchange rate between the dirham and the dollar requires the central bank to maintain adequate reserves of foreign currency, and Article 75 of Federal Law No. 10 of the year 1980 in the matter of the central bank and the monetary system, provided that the central bank is obligated to maintain a coverage ratio for the currency, so that internationally recognized reserve assets should be offset by at least 70% of the currency in circulation and demand deposits, and the percentage of coverage with the central bank exceeds this percentage by much The data shown by the numbers issued by the bank The central.
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