Remittances to Morocco rise to US$2.3B in first quarter of 2022

MOROCCO – Remittances from Moroccans living abroad (MRE) reached more than MAD 22.9 billion ($2.3 billion) in the first quarter of 2022, according to Morocco’s Exchange Office.

In its latest data on remittances to the country, money transfers from the Moroccan diaspora grew by 8.3%, reaching MAD 1.76 billion (US$176 million) compared to last year.

Meanwhile, foreign direct investment (FDI) reached MAD 3.86 billion (US$387 million) at the end of March, an increase of 56% compared to the same period in 2021. The total expenditure on FDI fell by 23.8%.

FDI revenues recorded an increase of 7.8%, amounting to MAD 6.74 billion (US$676 million) at the end of March 2022 against MAD 6.25 billion (US$627 million) at the end of March 2021, the office noted.

Moroccan Direct Investment Abroad (IDME) stood at MAD 4.5 billion (US$451 million) at the end of the first three months of 2022, falling by 15% compared to the same period a year earlier.

Travel revenues stood at MAD 9.7 billion (US$974 million) at the end of March 2022, an increase of 79.6% compared to the same period in 2021.

Travel revenues have, however, decreased by 43.6% compared to the first quarter of 2020 before the COVID-19 lockdown, the office added, noting that the expenditures also fell by 30.1%.

After over a year of stagnation and lingering uncertainty, the tourism sector is gradually recovering after the country lifted its travel ban in February to again welcome foreign tourists.

Morocco is further preparing to relaunch its Operation Marhaba 2022 in June, an annual initiative led by the government to encourage Moroccans living abroad (MREs) to return to the country during the summer vacations.

As part of its initiatives to revive tourism, Morocco’s National Tourism Office (ONMT) launched its “Morocco, the Land of Light” campaign last week to promote the country as an international holiday destination.

The North African country is the second most visited country on the continent, with more than 12 million visitors every year.

The increase in remittance in Morocco shares the same trend in North Africa and Middle East countries where sending money within these countries is less expensive.

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