Moroccan Diaspora Sends Record $7 Billion Home, Bolstering Families and Economy

"Through the role of social shock absorber it plays through remittances to families left in the country, the Moroccan diaspora alone constitutes a branch of social security in the kingdom," writes Les Inspirations ECO, according to which "nearly 80% of the money that the 5 million Moroccans abroad send each year to Morocco is in the form of family assistance."

According to the daily, in 2020, their fund transfers amounted to 68.19 billion dirhams, an increase of 4.9% compared to 2019, despite the health crisis. This consistency in transfers places Moroccans abroad among the "main contributors to the country’s foreign exchange reserves."

These transfers also provide real relief for banks in terms of liquidity availability. They also help them retain this clientele and attract new prospects. "Last year, deposits from Moroccans living abroad accounted for 19% of the total, or 189.5 billion dirhams, up 2.6% despite the Covid-19 effect," supports the newspaper, which specifies that banking groups, AWB, BCP and Bank of Africa are vying with ingenuity to attract this clientele.