Rabat – Bank Al-Maghrib (BAM), Morocco’s central bank, forecasts remittances from Moroccans abroad to reach MAD 87.3 billion ($8.71 billion) in 2022.
The bank’s projection shows a slight decrease compared to the remittances Morocco received from Moroccans residing abroad (MREs) in 2021, which amounted to MAD 93.7 billion ($9.32).
“After a record level of 93.7 billion recorded in 2021, transfers from MREs would gradually return to their pre-crisis level, totaling 87.3 billion in 2022,” the bank said in a press release on Tuesday.
In 2023, remittances from Morocco’s diaspora members are expected to amount to MAD 84 billion ($8.35 billion).
Bank Al-Maghrib is optimistic about the launch of the Marhaba Operation, an annual initiative facilitating the transit of the Moroccan diaspora who spend their holiday in Morocco during the summer season.
The bank said travel receipts could benefit from the operation and would experience a gradual recovery, rising from MAD 34.3 billion ($3.41 billion) in 2021 to MAD 54.3 billion ($5.4 billion) in 2022.
The bank projected the travel receipts to amount to MAD 70.9 billion ($7 billion) in 2023.
The bank also forecasts that imports will increase by 24.2% in 2022, attributing this change to the increase in energy expenses which would reach MAD 122.4 billion ($12.18 billion).
Like many countries, Morocco has suffered the impact of the Ukraine-Russia conflict, which has led to record-high increases in the cost of energy products.
Energy products such as diesel and gasoline experienced substantial price increases which reduced Morocco’s global purchasing power.
Due to the increases in energy products, distributors of butane gas have threatened to strike, citing the government’s refusal to address their demands.
The government, however, argued that the hiked prices are merely a consequence of the Russia-Ukraine conflict, and the current global context.
BAM also suggested that the planned increase in the acquisition of foreign raw and semi-finished products will further contribute to the expected rise in imports.
Nevertheless, the increase should be limited to 0.3% in 2023 due to the expected fall in the prices of energy products.
Meanwhile, exports are set to improve by 22% in 2022 and 0.8% in 2023. The bank attributed the increase to sales of phosphate and derivatives and the automotive sector which would stand at MAD 102.7 billion ($10.22 billion) and MAD 114.7 billion ($11.42 billion) respectively in 2023.
