Exchange Office

Articles

• Morocco’s Exports Surge Despite Pandemic, Boosted by Industrial Initiatives
  20 August 2021, by Armel

  Despite the difficulties caused by the Covid-19 pandemic, Moroccan exports have increased significantly this year thanks to the industrial project bank initiative, which has contributed to a revitalization of Moroccan markets internationally.
  This health crisis has, of course, slowed the increase in exports, particularly due to confinement and border closures, but this pause has also allowed the sector to restart on a good footing, according to an analysis by the MAP.
  Analysts take into (…)

• Morocco’s Foreign Direct Investment Surges 16.9% in First Eight Months of Year
  2 October 2021, by Armel

  The flow of foreign direct investment (FDI) to Morocco recorded a 16.9% increase during the first eight months of the year.
  As of the end of August, the kingdom attracted a net FDI flow of 12.56 billion dirhams, according to the Foreign Exchange Office in its latest note. This represents a 16.9% increase compared to the same period a year earlier.
  This development is attributable to the 16% increase in receipts (19.98 billion dirhams), more significant than the 14.6% increase in (…)

• Moroccan Diaspora Remittances Set to Surge 7.6% in 2022, Reaching 75.4 Billion Dirhams
  10 October 2021, by Armel

  The increase in remittances from Moroccans living abroad (MRE) recorded this year, despite the health crisis, should continue in 2022. This growth is attributed by experts to the economic recovery but above all to the improvement of the epidemiological situation worldwide.
  Money transfers from Moroccans living abroad (MRE) would remain strong this year with a rate of 7.6%, reaching over 73.3 billion dirhams, and 2.8% or 75.4 billion dirhams in 2022, according to TelQuel, reporting data (…)

• Moroccan Expat Remittances Surge 42.5% to 71.88 Billion Dirhams, Boosting Trade Balance
  3 November 2021, by Armel

  At the end of last September, money transfers made by Moroccans living abroad (MRE) amounted to 71.88 billion dirhams.
  These transfers are thus up 42.5%, or 21.42 billion dirhams, the Foreign Exchange Office said in its monthly indicators, adding that for the first time in two years, these indicators also show a surplus in the balance of trade in services up 4.9%, or 46.53 billion dirhams.
  As a result, exports improved by 6.7% to reach 101.25 billion dirhams during the same period, (…)

• Moroccan Diaspora Remittances Surge 43% to Nearly 80 Billion Dirhams
  4 December 2021, by Armel

  Remittances from Moroccans Living Abroad (MRE) are maintaining good momentum this year. As of the end of October, they reached 79.656 billion DH compared to 55.58 billion DH during the same period last year.
  These transfers have thus increased by 43.3%, or the equivalent of 24.7 billion DH, according to the Office des Changes in its bulletin on the monthly indicators of foreign trade for the month of October.
  Over the first ten months of 2021, exports amounted to 114.95 MMDH, up 9.1%, (…)

• Moroccan Diaspora Remittances Surge to Record 8 Billion Euros, Boosting Economy
  11 December 2021, by Prince

  Moroccans living abroad (MRE), estimated at five million, of whom nearly a fifth are in Spain, have transferred a lot of funds to Morocco during the health crisis. By the end of October, these transfers had reached nearly 8 billion euros, an increase of 43.3% compared to 2020.
  Remittances from MREs are expected to reach 8.325 billion euros, according to the forecasts of the Office des Changes for the year 2021, while the World Bank had announced an amount of 143 million less. In any case, (…)

• Morocco Tightens Anti-Money Laundering Rules for Currency Exchange Offices
  12 December 2021, by Armel

  The Foreign Exchange Office announced the publication of a new circular on the obligations of exchange offices in terms of vigilance and internal monitoring, in order to effectively combat money laundering.
  Specifically, it is an update of circular no. 2/2019 of November 1, 2019, in which the Office has required exchange offices to transmit declarations of suspicion without delay. These companies are also required to communicate all necessary documents and information to the competent (…)

• Moroccan Expatriate Remittances Set to Hit Record $10 Billion in 2021
  23 December 2021, by Armel

  Remittances made by Moroccans residing abroad (MREs) have continued their upward trend observed in recent months, and should reach 95 billion dirhams (MMDH) by the end of the year, according to Bank Al-Maghrib.
  This increase corresponds to a growth of 38.9% compared to the previous year, indicates the central bank, thus confirming the forecasts of the foreign exchange office.
  On the other hand, for the year 2022, BAM forecasts an amount of 72.8 billion dirhams, i.e. a contraction of (…)

• Moroccan Expatriate Remittances Surge 41% to 86 Billion Dirhams Despite Border Closures
  31 December 2021, by Armel

  Funds transfers made by Moroccans residing abroad (MREs) have maintained their upward trend despite the closure of borders. At the end of November, they amounted to more than 86.48 billion dirhams (BMDH) compared to 61.29 BMDH a year earlier.
  These remittances have thus increased by 41.1%, the equivalent of 25.187 BMDH, according to the Foreign Exchange Office in its bulletin on the monthly indicators of foreign trade for the month of November.
  This note also reports a surplus in the (…)

• Morocco’s Foreign Direct Investment Surges 13.9% Despite COVID-19 Challenges
  4 January 2022, by Armel

  Despite the effects related to Covid-19, foreign direct investment (FDI) continued its upward trend recorded in recent months. At the end of last November, it increased by 13.9%, or more than 16.97 billion dirhams compared to the same period last year.
  This figure is made possible by the 10.2% increase in revenue to nearly 27.27 billion dirhams ($2.9 billion), higher than the 10.3 billion dirhams ($1.1 billion) increase in expenditure, according to the Office des Changes.
  Similarly, the (…)