Moroccans Residing Abroad (MRE) transactions are expected to show a large increase of 38.9%, reaching a record amount of MAD 94.7 billion in the current year, according to Bank Al-Maghrib (BAM).
These transactions would gradually return to their pre-pandemic levels, recording an increase of 23.2% to reach MAD 72.8 billion by 2022, and an increase of 1.9% by 2023 to reach MAD 71.4 billion, BAM specifies in its press release during the last quarterly meeting of its council for 2021, held on Tuesday, December 21.
According to the Central Bank, the travel receipts are projected to continue to decline due to health restrictions with a further drop of 9.2% to reach MAD 33.1 billion.
The current account deficit is expected to increase from 1.5% of GDP in 2020, to 2.5% of GDP by 2021, 5.3% by 2022, and 4.9% by 2023.
Previously, the World Bank said it expects transactions made by the Moroccan community living abroad to their home country to reach about USD 9.3 billion, equivalent to MAD 85 billion by the end of the current year.
According to World bank’s data, those transactions are expected to record an increase of 25% compared to last year, representing about 7.4% of Morocco’s GDP.
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