These remittances show a notable resilience and posted a 1.7% increase by the end of April, Bank Al-Maghrib pointed out Tuesday following the last quarterly meeting of its Board for 2020.

Travel revenues should recover gradually while remaining below the level of MAD 78.8 billion observed in 2019, BAM said in a release.

These revenues will reach MAD 49.9% in 2021 and MAD 72 billion in 2022, against MAD 29 billion recorded in 2020, it added.

Thus, the current account deficit would be reduced to 3.3% of GDP in 2021 and 3.9% in 2022.

With regard to financial operations, after a 2.3% decline in GDP this year, foreign direct investment (FDI) inflows should regain momentum to reach a volume corresponding to 3.1% of GDP annually.

Taking into account the issues carried out by the Treasury on the international market this year and those planned for 2021 and 2022, official reserve assets would amount to MAD 321.9 billion by the end of 2020 and would evolve at this level over the next two years, thus ensuring a coverage of a little over 7 months of imports of goods and services.