RABAT- Morocco’s trade deficit widened by 2% to 31 billion dirhams ($3 billion) in February compared with a year earlier, the foreign exchange regulator said.

Total imports grew 1.4% to 79.2 billion dirhams, outstripping exports of 48.2 billion dirhams, which rose 0.9%.

Foreign direct investment dived 19.5% to 2.2 billion dirhams, while remittances from Moroccans living abroad were flat at 9.9 billion dirhams - both are significant factors for the flow of hard currency into the country.

Travel receipts were up 11.5% to 11.7 billion dirhams.

Morocco’s foreign exchange reserves stood at 241 billion dirhams by the end of March, enough to cover five months of imports, according to the central bank.

(Reporting by Ahmed Eljechtimi; Editing by Steve Orlofsky) ((ahmed.eljechtimi@thomsonreuters.com;))