Moroccan Diaspora Remittances Surge to $11.8 Billion, Boosting National Economy

Estimated at nearly five million, Moroccans residing abroad (MRE), mainly in France, Spain, Belgium, Italy, and the Netherlands, make a decisive contribution to the development of their country of origin with their regular financial flows. In 2023, MRE remittances reached $11.8 billion, an increase of 5.2% compared to the previous year. They now represent 8.6% of Morocco’s GDP.

According to Bank Al-Maghrib forecasts, these transfers should reach $12 billion in 2025, confirming the strategic importance of these financial flows for the Moroccan economy, in a context marked by health crises, geopolitical tensions, climate disruptions, etc. MRE transfers have become the kingdom’s primary source of external financing and play a key role in preserving Morocco’s macroeconomic stability and impact vital sectors such as health, education, and real estate.

Unfortunately, these transfers are not intended for investment projects. Moroccan authorities urge MREs to contribute more to the development of their country of origin by directing these funds towards investment projects. It is with this in mind that Bank Al-Maghrib and several Moroccan commercial banks have begun to offer specific products for Moroccans in the diaspora, with reduced transfer costs and the provision of digital tools.

Morocco wants to implement a genuine national strategy to encourage MREs to invest in the kingdom. This involves tax incentives, simplification of administrative procedures, securing transfers, and enhancing the skills of MREs, with the aim of creating a climate of trust with members of the Moroccan diaspora. Moroccan consulates abroad will be involved in implementing this policy, which aims to inspire MREs to invest in Morocco.