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Moroccan Diaspora Remittances Surge Despite Pandemic, Boosting Economy
Thursday 23 June 2022, by
On the occasion of the International Day of Family Remittances, a debate was organized on the transfers made by Moroccans residing abroad, especially during the critical period of the Covid-19 pandemic.
Initiated by H2OHUB in partnership with CAP Unlimited and sponsored by Wafacash, this debate focused on the theme "Remittances, an economic and social lever, the impact of the Covid-19 pandemic", aimed to celebrate the Moroccans Living Abroad (MRE) for the efforts made despite the pandemic. Indeed, remittances from MRE exploded during the health crisis.
This day of reflection was attended by several representatives of the General Confederation of Moroccan Enterprises (CGEM), private sector players, as well as national and international non-governmental organizations. Many proposals were made by the participants so that the funds sent by the MRE allow the beneficiary families to meet their needs, but also to participate in national development.
According to figures from the Office des Changes, as of the end of January 2021, 5.89 billion dirhams were transferred compared to 5.4 billion dirhams as of the end of January 2020, an increase of 8.8%. Similarly, remittances to developing countries in the Middle East and North Africa (MENA) region increased by 7.6% in 2021 to reach $61 billion.
During their interventions, the participants all acknowledged that remittances play a significant role in the economic growth and development of the recipient countries. The important thing today is to find a way for these funds to be used as a guarantee of medium or long-term income.