Morocco foreign reserves down 5.7% in September

Moroccan foreign reserves fell 5.5% to 55,860 million dirhams ($4.98bn) at the end of September compared with the same period last year, the central bank said on Friday.

The reserves stood at 59,091 million dirhams at the end of 1999 and at 60.063 million dirhams at end-September 1999, the bank said in its monthly report. It gave no explanation for the variation but a finance ministry official said the payment in hard currency of Morocco's foreign debt mainly accounted for the drop. Morocco's