Moroccan Diaspora Remittances Bolster Economy, Cover 66% of Trade Deficit

In the first half of 2019, the MREs transferred 25.86 billion dirhams, as of the end of May 2019, i.e. 3.4% less than in 2018. This information comes from the Office of Foreign Exchange, which provides these figures. However, it points out that this level exceeds the average recorded between 2015 and 2017.

These transfers come from countries such as France (35%), the Gulf countries (18%), Italy (9.4%) and Spain (8.6%). Transfers from the Gulf countries have increased recently, becoming an important new resource for the Moroccan economy, which moreover takes pride in it.

According to a report from the Directorate of Studies and Financial Forecasts (DEPF), the transfers of Moroccans Living Abroad, coupled with travel receipts, have covered 2/3 of the trade deficit in the first five months of 2019. This stock of net international reserves, the same source recalls, "has made it possible to cover 5 months and 2 days of imports of goods and services", note the DEPF analysts.

The transfers of Moroccans Living Abroad have thus been participating for several years in putting the national economy in a better position to end the year on a good note, the same media supports.

In 2018, these funds reached 64.8 billion dirhams, i.e. 1.7% more than in 2017. This year saw the highest threshold since 2007, i.e. 65.37 billion dirhams. In 11 years, the only significant slowdown was observed in 2009, at 50.21 billion, marking the lowest level ever reached over the period studied. On the other hand, the threshold of 60 billion was exceeded in 2015, and the progression continues.