Morocco’s central bank, Bank Al-Maghrib, forecasts remittances from Moroccan diaspora members to reach MAD 100 billion ($9 billion) in 2022. The bank made its forecast in a press release on Tuesday at the end of its third quarterly meeting for 2022.
According to the bank, “Transfers from MREs [Moroccans Residing Abroad] should continue to advance to total about 100 billion dirhams [$9 billion] over the course of the year before reverting to 92.4 billion ($8.31 billion) in 2023.”
As of July 2022, remittances from the Moroccan community abroad totaled $58.2 billion or $5.5 billion. The number represents an increase from last year’s $5.1 billion.
Morocco’s government frequently touts the diaspora’s contribution to the country’s development. However, much work should be done to improve areas to attract diaspora members’ investments.
In his speech on the Anniversary of the Revolution of King and People in August, King Mohammed VI called for the creation of a special mechanism to ensure a lasting structural connection with Moroccan experts and talents abroad.
Read also: Moroccan Diaspora: An Elevating Force for Morocco’s Development
“I call once again on Moroccan youth and on project holders residing abroad to make the most of the numerous investment opportunities in Morocco, as well as the incentives and guarantees offered by the new investment charter,” the King said.
In addition to remittances, the Central Bank’s forecasts stressed that trade should enjoy a strong dynamic in 2022 with a 34% increase in exports. The bank attributed the situation to the sales of phosphate and derivatives, which would reach MAD 144.5 billion ($13 billion) as well as the automotive sector (MAD 100 billion, or $9 billion).
However, the year 2023 will witness a decline in exports of 1.1%, with a relative drop in the prices of phosphate and derivatives. Imports, meanwhile, will increase by 34.5% in 022 due to the increase in the energy bill. In 2023, imports are set to decline by 4.6% due to expected declines in the prices of petroleum products and wheat supplies.
