HomeEconomyBAM: Exceptional increase in remittances from MRE in 2021

BAM: Exceptional increase in remittances from MRE in 2021

Bank Al-Maghrib (BAM) has indicated that transfers from Moroccans Residing Abroad (MRE) should mark a sharp increase of 38.9% to reach a record amount of 94.7 billion dirhams (billion dirhams) in 2021.

These transfers would gradually return to levels in line with their pre-crisis trend rate, recording a contraction of 23.2% to 72.8 billion in 2022 and 1.9% in 2023 to 71.4 billion, specifies BAM in a press release sanctioning the work of the last quarterly meeting of its Board for 2021, held on Tuesday.

As for travel receipts, they would continue to suffer from health restrictions with a further drop of 9.2% to 33.1 billion dirhams (MMDH), says the Central Bank.

Under these conditions, the current account deficit would widen from 1.5% of GDP in 2020 to 2.5% of GDP in 2021, to 5.3% in 2022 and 4.9% in 2023.




Please enter your comment!
Please enter your name here