Moroccan Expat Remittances Set to Surge, Reaching 100 Billion Dirhams in 2022

In a statement published on Tuesday, September 27, following the third quarterly meeting of its Council for the year 2022, the central bank indicates that MRE remittances should continue to grow to total nearly 100 billion dirhams over the entire year before returning to 92.4 billion in 2023. BAM’s forecasts are based on the performance recorded since the beginning of the year.

A current account deficit of 3.2% of GDP in 2022 and 1.9% in 2023 is also expected. As for foreign direct investment (FDI), receipts should be around the equivalent of 3.2% of GDP annually over the next two years, BAM also notes, stressing that the strong momentum of trade should continue this year with a 34% increase in exports, driven mainly by phosphate and derivative sales reaching 144.5 billion dirhams and automotive sector sales reaching nearly 100 billion dirhams.