Written by 4:22 pm Economy

Fund Transfers Exceed MAD 105.46 Bln at End of November 2023

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According to the Exchange Office, fund transfers made by Moroccans residing abroad (MRAs) amounted to more than MAD 105.46 billion for the first eleven months of 2023.

A recent bulletin on monthly foreign trade indicators revealed that the transfers witnessed an increase of 4.4% compared to the end of November 2022.

According to the same source, the balance of trade in services also recorded a surplus of 19.6% equivalent to MAD 124.63 billion. 

This rise follows an increase in exports of 17.5% to MAD 238.62 billion, exceeding imports, which witnessed an increase of 15.3% equivalent to MAD 114 billion.

Travel revenues reached MAD 97.40 billion at the end of November 2023, up to 15.8% compared to the same period of last year, while travel expenses stood at MAD 22.15 billion.

The excess travel balance thus stood at MAD 75.25 billion at the end of November 2023, compared to MAD 66.63 billion during the same period of the previous year.

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