Bank Al-Maghrib forecasts that remittances from Moroccans residing abroad will continue their upward trend, reaching a record high of 117.5 billion dirhams in 2024, an improvement of 1.9 percent.
Bank Al-Maghrib explained, in its monetary policy report, issued following the second quarterly meeting of its Board of Directors for the year 2024, that “the available data indicate a continuation of the upward trend in remittances from Moroccans residing abroad, with an improvement of 1.9 percent in 2024 to 117.5 billion dirhams, and by 5.3 percent in 2025 to 123.7 billion dirhams.”
The Central Bank indicated that travel revenues, for their part, are expected to continue their performance with a 5.8 percent increase to 110.8 billion dirhams, highlighting that they will increase in 2025 by 5.8 percent to 117.2 billion dirhams.
On the other hand, foreign direct investment revenues will rise to 46.6 billion dirhams, equivalent to 3.1 percent of GDP in 2024, after recording 2.4 percent last year, to reach the equivalent of 3.2 percent of GDP in 2025.
In 2025, exports are expected to rise by 8.9 percent, mainly reflecting an increase in sales of phosphate and its derivatives by 13.2 percent to 88.5 billion dirhams, and 12.8 percent to 185.1 billion dirhams for exports of the automotive sector. .
In parallel, imports will rise by 9.7 percent; This mainly reflects increases in purchases of processing goods and finished consumer products, as well as a 4.9 percent increase to 125.1 billion dirhams in the energy bill.
Taking into account new assumptions relating to the international context and macroeconomic forecasts, as well as achievements at the end of April 2024, the current account deficit is expected to rise from 0.6% of GDP in 2023 to 1.7% in 2024 and then to 2.7% in 2025.
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2024-06-28 00:01:40