The remittances of Moroccans living abroad recorded a notable decrease of 3.2% to more than MAD 36.16 billion at the end of July.
Rabat – Morocco’s Exchange Office announced on Wednesday that the country’s net flow of foreign direct investment (FDI) reached MAD 9.02 billion (over $980 million) at the end of July.
The number represents a decrease of 21.5% compared to the same period a year earlier.
The FDI’s receipts from 26.4% to nearly MAD 15 billion ($1.6 billion) caused the drop in FDI, the Exchange Office’s statement explained.
In the first seven months of 2020, the net flow of Moroccan direct investment abroad (IDME) declined by MAD 2.92 billion.
The IDME reached more than MAD 4.92 billion at the end of July, against nearly MAD 6.69 billion a year earlier or -26.4%.
Disposals of the investments more than doubled with + 1 or MAD 15 billion.
The remittances of Moroccans living abroad also recorded a notable decrease of 3.2% to more than MAD 36.16 billion.
The COVID-19 crisis might have a direct impact on the indicators. The government acknowledged that lockdown and state of emergency caused imbalances in Morocco’s economy.
The Foreign Exchange Office announced that the trade deficit dropped by 18.2% to nearly MAD 100.08 billion by the end of July 2020.
The drop is due to the respective decreases in imports and exports of goods from 17.5% to MAD 240.08 billion, and from 17% to MAD 140 billion, compared to the same period in the previous year.
The drop was 14% for imports and 1.5% for exports on a quarterly basis.
