Moroccan Diaspora Remittances Surge 2.2% to 50 Billion Dirhams Despite Global Crisis

The Office of Foreign Exchange estimates this increase at 1 billion DH compared to the end of September 2019 where remittances stood at 49.5 billion DH. According to the same source, remittances from Moroccans living abroad during the period from January to September 2020 have largely exceeded remittances over the past four years.

According to Bank Al-Maghrib, community remittances should reach nearly 5%, to reach 6.5 billion dirhams. The increase in these remittances comes at a time when some indicators were announcing a significant decline due to the health crisis due to the coronavirus and its corollaries in the countries of residence of Moroccans living abroad.

After Egypt, Morocco occupies the second place in the Middle East and North Africa (MENA) region in terms of receiving remittances from Moroccans living abroad. These remittances not only relieve Moroccan families but also constitute an important source of support for the balance of foreign exchange. They also ensure the acquisition of necessary goods and services abroad.

In 2019, Moroccans living abroad sent nearly $6.7 billion to their families, for an estimated amount of 66 billion dirhams, or 5.6% of GDP.