Moroccan Diaspora Remittances Surge 8.8% to $660 Million Amid Pandemic

Remittances made by MREs to Morocco are on the rise. According to the latest statistics from the Office of Foreign Exchange, they are estimated at the end of January 2021 at more than 5.89 billion dirhams compared to 5.4 billion dirhams a year earlier, up 8.8% and 24% compared to the end of January 2017.

These funds transferred by the Moroccan diaspora help maintain the Kingdom’s foreign exchange reserves in good health, in this period of the Covid-19 health crisis. Thus, during the month of January, the flow of Foreign Direct Investment (FDI) stood at 650 million dirhams, down -53.9%. "Travel receipts", on the other hand, are limited to 2.216 billion dirhams at the end of January 2021, compared to 6.7 billion dirhams in 2020, a decrease of -67.2%.

The upward trend in remittances from MREs to Morocco should continue in 2021, according to projections from the Central Bank, which announce an increase of 6.3% in 2021 and 2% in 2022.