Moroccan Remittances Expected to Dip to 87.3 Billion Dirhams in 2022, Central Bank Reports

In a press release issued after the second quarterly meeting of its Board for the year, the Central Bank specified that "after a record level of 93.7 billion recorded in 2021, remittances from Moroccans living abroad would gradually return to their pre-crisis level, totaling 87.3 billion in 2022 and 84 billion in 2023."

At the same time, BAM stated that travel receipts would experience a gradual recovery, driven by the reopening of borders and the launch of the Marhaba operation, rising from 34.3 MMDH last year to 54.3 MMDH this year and 70.9 MMDH in 2023.

As for imports, they would increase by 24.2% this year, mainly due to the increase in the energy bill, which would reach 122.4 MMDH, and the expected increase in the acquisition of raw materials and semi-finished products, according to the same source. In 2023, the increase would be limited to 0.3%, due in particular to the expected decline in energy prices.

As for exports, they would improve by 22% in 2022 and 0.8% in 2023, driven mainly by phosphate and derivatives sales and the automotive sector, which would reach 102.7 MMDH and 114.7 MMDH respectively in 2023.