Moroccans living abroad transactions reach over MAD 80 million this year, Exchange office

Transactions made by Moroccans living abroad’ reached MAD 80,818 million during the first nine months of 2022, compared to MAD 72,409 million recorded during the same period last year, said the exchange office in its recent monthly report.

The recorded amount showed an increase of 11.6% or equivalent to MAD +8,409 compared to the same period last year, added the same source.

At the end of September 2022, Foreign Direct Investment (FDI) recorded an increase of 35.9%, equivalent to MAD +7,812 million, totaling MAD 29,592 million at the end of September 2022, up compared to MAD 21.780 million recorded during the same period last year.

In the meantime, expenses showed an increase of 13.5%, equivalent to MAD +1,180 million, added the same source.

The net flow of FDI increased by 50.8% or +6,632 million, moving up from MAD 13,057 million at the end of September 2021 to MAD 19.689 million at the end of September 2022.

During the first nine months of the current year, Moroccan direct investment abroad (IDME) amounted to MAD 13,437 million, showing an increase of 2% or MAD +260 million compared to the same period of the previous year, further stated the same source.

The transfers of these investments reached MAD 9,167 million, down by 10.4% or MAD -1,061 million, while the net flow of MSDIs increased by 44.8% or MAD +1,321 million, added the Office.

During the same period, the balance of trade in services showed a surplus of 66.6%, equivalent to MAD +30.634 million (MAD +76.644 million, up compared to MAD +46.010 million recorded in the same period last year.

The increase follows a rise in exports (MAD 155.890 million,  against MAD 100.380 million, an increase of +55.3% or MAD +55.510 million compared to the same period last year, which is more important than that of imports (+45.8% or MAD+24.876 million), said the office.

The travel receipts more than doubled, moving up from MAD 24.901 million at the end of September 2021 to MAD 62.233 million at the end of September 2022, added the same source.

These receipts showed a 136.3% increase compared to the same period of the year 2020, exceeding the level reached at the end of September 2019 (MAD 60.156 million), further specified the same source.

Expenses on the other hand reached MAD 11,926 million, noting that this level remains lower than those recorded in 2018 (MAD 14,280 million) and in 2019 (MAD 15,952 million), added the office.

The surplus balance of travel has almost tripled, reaching MAD 50.307 million at the end of September 2022, up compared to MAD7.359 million recorded during the same period a year earlier, according to the same source.