Robust remittances from Moroccans abroad offset tourism losses

The restrictive measures to contain the Covid-19 pandemic have dealt a blow to the inflow of hard currency from the tourism business in Morocco that has been offset so far by a surge in remittances from Moroccans abroad.

In the first ten months this year Morocco’s foreign exchange regulator has reported a record 80 billion dirhams or $8.6 billion, higher than the $7 billion in tourism revenue in 2019.

So far this year however, tourism receipts remain nearly flat compared to the same period last year at a low 28 billion dirhams.

The tourism sector is struggling yet again with the fallout of a new border closure due to the Omicron variant.

The government has promised to offer stipends to affected workers in the hospitality industry but the measure has not been implemented yet.

The trade deficit has widened as the economy recovers and Morocco’s equipment and energy import increase.

The deficit stood at 424 billion dirhams by October, up 23% compared to last year.