Moroccan Expatriates Send Record $10 Billion in Remittances Amid Pandemic

In total, the MRE sent 93.7 billion dirhams (MMDH) in 2021, according to the report presented on Saturday by Abdellatif Jouahri, Wali of BAM to King Mohammed VI. He indicated that this is a record figure due to the circumstances related to the coronavirus pandemic. Similarly, thanks to this performance, Morocco was able to cope with the widening of the current account deficit, which stood at 29.1 MMDH.

Regarding foreign trade, the report points out that it has improved thanks to the lifting of certain restrictive measures. Goods imports increased by 24.7%, and exports grew by 25%.

However, Abdellatif Jouahri specified that these good figures have led to a sharp deterioration of the trade deficit, which reached the equivalent of 15.5% of GDP.