New records for remittances from Moroccans abroad: Exchange Office confirms a 9% increase

The remittances of Moroccans residing abroad have recorded a notable upward trend, reaching a total value of 89.22 billion dirhams by the end of last August, compared to 81.846 billion dirhams during the same period last year, according to data revealed by the Exchange Office.

Nine percent growth year-on-year

In its recent publication of the «Monthly Indicators of Foreign Trade», the Exchange Office explained that these significant financial transfers have achieved a relative improvement estimated at 9 percent on an annual basis, reflecting the strong bond that Moroccans around the world have with their homeland and their continuous contribution to supporting the national economy.

Recovery in the travel balance and foreign investments

In the same context, the data indicates a notable positive balance in the «travel» account, which reached 74.621 billion dirhams, recording an increase of 10.8 percent. This positive performance is a direct result of revenue growth of 9.7 percent to reach 97.926 billion dirhams, exceeding the increase in expenses, which reached 6.6 percent to stand at 23.305 billion dirhams.

Regarding foreign direct investments, net flows saw a large increase of 65 percent, reaching a value of 34.334 billion dirhams. This rise is due to the growth of income from these investments by 17 percent to reach 47.318 billion dirhams, against a decline in expenses of 33.9 percent, settling at 12.984 billion dirhams.

At the level of Moroccan direct investments abroad, net flows reached plus 6.667 billion dirhams, compared to plus 2.358 billion dirhams recorded during the same period last year, highlighting the expansion of national investment activities beyond borders.