Remittances from Moroccan expats hit a record high at 93.7 billion dirhams ($9.37 billion) in 2021, up 37.5% compared to 2020, Bank Al Maghrib’s (BAM) annual report on the kingdom’s economic, monetary and financial situation showed.
Central Bank Governor Abdellatif Jouahri presented the report to King Mohamed VI at the royal palace in Rabat on Saturday.
The performance has helped contain the exacerbation of the current account deficit, which stood at 29.1 billion dirhams, or 2.3%. gross domestic product (GDP) instead of 1.2% a year earlier.
Meanwhile, concerns caused by the ongoing coronavirus pandemic continued to weigh on tourist activity, with travel receipts having decreased to 34.3 billion dirhams compared to 36.4 billion dirhams in 2020 and 78.7 billion dirhams in 2019.
The report also indicated that foreign trade experienced a significant rebound in 2021, in line with the easing of health restrictions and the recovery in demand at the national and international levels.
Imports of goods increased by 24.7%, driven in particular by the increase in the energy bill and the increase in purchases of finished consumer products.
Exports increased by 25%, reflecting the increase in sales of phosphate and its derivatives, and automobiles.
These developments resulted in a sharp worsening of the trade deficit, which reached 15.5% of GDP, with an almost stable coverage ratio at 62.3%.