Morocco’s Exchange Office has revealed that the remittances of Moroccans Living Abroad (MRE) have reached MAD 60.2 billion in the first 11 months of 2017, representing an increase of 4 percent.
Direct investment flows in Morocco reached MAD 21.8 billion during the first 11 months of this year against MAD 19.3 billion in 2016. This represents an increase of 13.2 percent according to November’s preliminary indicators on foreign exchange.
The Office Exchange said that this increase is attributable to a 60.9 percent drop in expenses (MAD 5.1 billion), which represents a higher percentage than revenues that amounted to MAD 29.9 billion in the same period.
Year on year, Morocco’s travel expenses are on the rise. During the 11 first months of 2017, foreign travel expenses recorded a surplus of MAD 48.6 at the end of November 2017, owing to higher travel revenues that jumped from MAD 4 billion to MAD 64 billions. The expenditures, therefore, increased from MAD 2.6 billion to MAD 15.8, according to the Exchange Office.
In December 25, the office said that during the 11 first months of 2017, foreign travel expenses reached 17.5 billion, compared to MAD 13 billion in 2016, and thus registering a 19.5 percent increase.
Morocco’s Foreign Exchange Office added that this rate is expected to rise even more this December, as many Moroccans prefer to spend their new year’s holidays abroad.
Morocco’s travel revenues are also following the same upward trend, with a 6.5 increase from 2016. Rising from MAD 60.3 billion last year to 64.3 billion in 2017, these revenues, while still modest are largely sufficient to absorb the expenses’ increase.
According to the Exchange Office, the travel flows’ balance increased by 2.9 percent to MAD 48.5 billion compared to 47.2 billion in 2016.
SOURCE: Morocco World News
