Transactions made by the Moroccan community abroad continued to grow, reaching MAD 88.9 billion at the end of October, up compared to MAD 79.7 billion recorded a year earlier.
The Exchange Office further stated in the monthly data that transactions increased by about 11.5% year-on-year, achieving the highest level in the past five years.
In light of the rise in tourism in the Kingdom, travel revenues in Morocco recorded MAD 71.1 billion of hard currency, strongly up compared to MAD 28.5 billion recorded in the first ten months of last year, added the same source.
Additionally, Moroccans spent about MAD 13.3 billion on their travels abroad, up compared to MAD 8.6 billion last year, and MAD 8.8 billion in 2020, while the data was higher in 2019 by about MAD 17.7 billion.
Official data also showed that foreign direct investment witnessed significant growth during the current year by about 50.5%, as net flows reached MAD 21.8 billion at the end of October, more than double compared to MAD 14.5 billion recorded a year ago.
The rebound in tourism revenues came after the country adopted easing COVID-19 measures, enabling the reopening of air, sea, and land borders after 2 years of closure, in addition to the resumption of the 2022 edition of the Marhaba operation.
A budget of MAD 150 million has been allocated to prepare the transit operation and ensure fluidity and comfort, through increased capacity of reception, the comfort of travelers, and control, according to MAP.
The massive arrival of Moroccans living abroad enabled a revival in economic sectors, mainly tourism and direct currency exchange.
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