Moroccan Diaspora Remittances Set to Surge 7.6% in 2022, Reaching 75.4 Billion Dirhams

Money transfers from Moroccans living abroad (MRE) would remain strong this year with a rate of 7.6%, reaching over 73.3 billion dirhams, and 2.8% or 75.4 billion dirhams in 2022, according to TelQuel, reporting data from the Office of Exchange.

To explain this steady progress, Hassan Boulaknadel, director of the Office of Exchange, indicated that Moroccans wherever they are have always shown solidarity in difficult times. Faced with the crisis that has impacted several sectors of the country’s economy, the MRE have once again expressed their attachment to the kingdom, he noted, adding that this significant financial windfall is a real source of income for many Moroccan families.

In addition to this exceptional spirit of solidarity from the MRE, the official stressed that the closure of borders and travel restrictions between countries have also contributed to the flow of transfers from Moroccans abroad. Unable to travel to help their families due to the difficulties in moving around, they preferred to make money transfers.

The budgetary support measures in the host countries, the generalization of digital transactions rather than cash, have also strongly contributed to this performance.

Taking into account the success of the vaccination campaign in the world and in Morocco, the office expects a continued increase in transfers. However, it points out, the forecasts remain surrounded by an exceptionally high level of uncertainty linked to the evolution of the pandemic.