Sources at the Moroccan oil ministry have said that the recently rising oil prices will strongly affect the country’s foreign currency reserves, reports Al-Hayat. These sources have estimated that if the per barrel price remains above $30, the value of oil imports into the country will exceed $1.6 billion by the end of 2000.
Morocco’s foreign currency reserves fell below $6 billion in the first half of 2000, as a result of wheat and oil purchases. Furthermore, the country is expected to spend $2 billion on these products by the end of 2000. –(Albawaba-MEBG)