News

Source: Asharq Al Awsat

Morocco's foreign investment inflows reached 7.22 billion dirhams ($768 million) at the end of August, according to the Bureau de Change (a government agency that controls and regulates currency exchange and movement across the Moroccan borders).

These inflows were up 28.8 percent during this period, in conjunction with the expansion of Moroccan investments in Africa.

Meanwhile, the volume of foreign investment inflows to Morocco was 7.3 percent, according to the same source, at 21.8 billion dirhams ($2.32 billion) during this period.

The statistics released by the Bureau de Change reflect investors' statements when money is brought in or out of Morocco.

The net inflow of foreign investments to Morocco was 14.6 billion dirhams ($1.55 billion) during the period, a decline of 18.6 percent compared to the same period last year.

Morocco's net inflows of foreign investment, as well as net tourism revenues and remittances, contribute to adjusting the balance of the country’s external performance by balancing the huge trade deficit of 138 billion dirhams ($14.7 billion) during this period.

According to the Bureau, Morocco's trade deficit (trade in goods and products) rose by 10.1 percent during this period as the value of imports increased more than that of the exports.

Notably, the value of merchandise exports to Morocco during this period, amounting to 179.5 billion dirhams ($19.1 billion), covered only 56.6 percent of imports, which amounted to 317.4 billion dirhams ($33.8 billion).

While migrants' remittances reached 44.88 billion dirhams ($ 4.8 billion), up one percent from the same period last year.

On the other hand, net revenues for tourism and travel during this period reached 35.5 billion dirhams (3.8 billion dollars), down 1.7 percent from the same period last year as a result of Morocco receiving foreign tourism resources worth 48.58 billion dirhams (5.2 billion dollars).