Remittances from Moroccans Abroad to Reach 87 Bln dirhams in 2021

Remittances sent by Moroccans living abroad would reach 87 billion dirhams in 2021, an increase of 27,7%, according to Bank Al-Maghrib forecasts.

“After a 4.9 percent increase in 2020, remittances will rise by 27.7% in 2021 to a record 87 billion dirhams, before declining by 5% to 82.7 billion dirhams in 2022,” Bank Al-Maghrib said in a press statement released at the end of its board’s third quarterly meeting of the year 2021.

In terms of foreign trade, the Bank’s figures show a broad acceleration of the goods trade recovery at the end of August.

“This trend would continue, with exports rising by 21.2 percent in 2021 and then by 6% in 2022, driven mostly by sales of automobile manufacturing and phosphate and derivatives,” according to the bank.

Furthermore, imports would increase by 19.5 percent in 2021, owing to predicted increases in capital and consumer goods purchases, as well as an increase in the energy cost, before decreasing to 3.8 percent in 2022, according to the report.

Over the projection horizon, foreign direct investment flows will average roughly 3% of GDP, according to the report.