Moroccans living abroad’s transactions reached over MAD 58.23 billion in the first seven months of 2022, announced the exchange Office in its latest monthly report.
The transactions noted a 7.4% (MAD +4.03 billion) increase compared to MAD 54.19 billion recorded during the same period last year.
Compared to their 2018 and 2019 levels, (MAD 37.76 billion and MAD 37.46 billion respectively), these transfers have climbed by over MAD 20.47 billion and MAD 20.77 billion this year, said the office.
Travel revenues more than doubled from MAD 13,134 million by the end of July 2021 to MAD 36,661 million at the end of July 2022.
These revenues showed an increase of 60.8% compared to the same period in 2020, and a decrease of 11.6% compared to the end of July 2019, said the office.
Additionally, foreign Direct Investments (FDI) reached MAD 17.62 billion during the first seven months of 2022, up 80.3% compared to the same period in 2021, according to the exchange Office.
Foreign direct investments recorded an increase of 40.3%, totaling MAD 23.78 billion by the end of July, up compared to MAD 16.95 billion at the end of July 2021, said the Office, noting that the expenses have suffered a decline of 14.2%, equivalent to MAD -1.019 billion.
The investment indicator totaled MAD 10.38 billion in the first seven months of 2022, showing a decline of 7.6%, equivalent to MAD -860 million compared to the same period last year, added the same source.
These investments contributed to a total transfer of MAD 7.12 billion, down by 23.9%, equivalent to MAD -2.23 billion, said the Office.
The net flow of direct investments increased by 72.6%, equivalent to MAD +1.37 billion, according to the same source.
Morocco’s central bank said that Moroccans living abroad’s transactions jumped to a record level of MAD 93.7 billion by the end of 2021.
The record level made it possible to contain the widening of the current account deficit to 2.3% of GDP, added BAM in its latest annual report.
Likewise, the national economy remained relatively attractive with a flow of foreign direct investment equivalent to 2.5% of GDP, according to the same source.
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