Moroccan Diaspora Remittances Set to Surge, Boosting Economy in 2021
Remittances from Moroccans living abroad (MRE) will rebound, says Bank Al-Maghrib (BAM). They will increase from 65.8 billion dirhams (MMDH) in 2020 to 70 billion dirhams (MMDH) in 2021, and to 71.4 MMDH in 2022.
The increase in MRE remittances will not be the only good news in 2021. The central bank indicates that the recent recovery in exports should be consolidated by sales in the automotive sector. This follows the announced ramp-up in production by the PSA plant. Imports will also see an increase in capital goods purchases and a heavier energy bill due to the expected rise in international oil prices.
Regarding travel receipts, forecasts indicate that they could evolve gradually, going from 29 MMDH in 2020 to 49.9 MMDH in 2021 and then to 72 MMDH in 2022. Financial operations, on the other hand, should resume to reach 3.1% of GDP annually.
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