Moroccan Diaspora Remittances Surge 40% Amid Global Crisis

Firstly, this "performance is explained by the solidarity of Moroccans Residing Abroad (MREs) with their families who have remained in the country. Even if they themselves are not immune to the crisis, the sense of family in the broad sense is still psycho-sociologically strong among MREs." In addition, many elderly people survive thanks to these transfers. It should be noted that MREs represent the only source of income, not only for their elderly parents, but also for their unemployed brothers and sisters, without income.

Thus, to preserve their "family dignity" and not let their loved ones fall into begging, they do their utmost to take care of them. Not to mention that Covid-19 has further strengthened family ties. Secondly, this increase is linked to travel restrictions. Previously, the majority of financial transactions by MREs were made through relatives or friends, or during visits to family. But with the closure of borders, MREs are forced to use formal channels.

The third reason explaining this increase is related to the exchange of banking data, internationally, following the multilateral agreement concluded between Morocco and the OECD and which will come into effect as of September 2021. Thus, the "cleaning up operations" and write-offs/account balances that were not declared must have echoed in both directions, hence the repatriations. This operation mainly concerns former MREs who have returned to the country or MREs with undeclared bank accounts. The flows relate to these "self-regularization operations" and are taken into account by the Office des Changes as foreign exchange transfers.