Moroccan Diaspora Remittances Surge 46% in January, Boosting Economy

3 March 2023 – bySaid@Bladi · 1 min read

Remittances made by Moroccans living abroad (MRE) experienced a significant increase of 46.3% at the end of January 2023, reaching more than 9.22 billion dirhams, according to data published by the Office des Changes. This increase is around 2.917 billion dirhams compared to the same period last year.

This strong increase in remittances from MRE is excellent news for the Moroccan economy, as it helps strengthen the country’s balance of payments. Remittances from MRE represent an important source of foreign exchange for Morocco, which helps reduce the trade deficit and support economic growth.

In addition, the Office des Changes also reported an increase in the services trade surplus. This increased by 8.45 billion dirhams to reach 10.84 billion dirhams. This increase is due to a significant increase in exports (+117.2% to 19.18 billion dirhams) compared to imports (+29.5% to 8.34 billion dirhams).

Category: Economy

Keywords:

MRE Transfers Exchange Office Moroccan Living Abroad