Remittances from Moroccans living abroad reached a record level of 93.7 billion dirhams ($9.37 billion) in 2021, an increase of 37.5% compared to 2020.
According to the annual report of the Central Bank of Morocco on the economic, monetary and financial situation, this performance contributed to controlling the aggravation of the current deficit, which amounted to 29.1 billion dirhams, or 2.3 percent of the gross domestic product, compared to 1.2 percent a year ago.
According to the Moroccan Central, the fears caused by the repeated waves of the Corona pandemic continued to affect tourism activity, as travel revenues fell to 34.3 billion dirhams, compared to 36.4 billion dirhams in 2020 and 78.7 billion dirhams in 2019. The report showed a significant recovery of foreign exchange in 2021, in connection with the easing of health restrictions and the restoration of demand for its dynamism, whether at the national or international level.
Goods imports increased by 24.7 percent as a result of the increase in the energy bill and the growth of purchases of ready-made consumables. Exports, in turn, increased by 25 percent, reflecting the increase in sales of phosphates and its derivatives, as well as the automobile sector.
These developments led to an aggravation of the trade deficit, which amounted to 15.5 percent of the gross domestic product, with the coverage ratio almost stable at 62.3 percent.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
