Morocco's net international reserves amounted to 22.41 billion U.S. dollars by the end of October, down by 1.8 percent year on year, Morocco's Central Bank said Sunday.

Compared with the end of September this year, the reserves were down by 0.4 percent, said the statistics of the bank.

The reserves also remained less than 24.51 billion dollars in mid-January, when the country decided to adopt a more flexible exchange rate.

According to the central bank, the Moroccan dirham appreciated 1.13 percent against the U.S. dollar and depreciated 0.19 percent against the euro during the first week of November.

The dirham is pegged to a two-currency basket weighted 60 percent to the euro and 40 percent to the dollar.

The authorities said widening the dirham trading band is part of a broader plan to float the currency and make the economy more resilient against external shocks and help along its growth.