Moroccan Expat Remittances Hit Record $9.3 Billion, Boosting Economy Post-Pandemic

The contribution of MREs to the national economy remains positive. MRE spending, aid to their families, or investments in many areas constitute an important source of foreign exchange for Morocco.

According to the annual report of Bank Al-Maghrib on the economic, monetary and financial situation, presented to King Mohammed VI by the Governor of Bank Al-Maghrib, Abdellatif Jouahri, MRE transfers reached a record level of 93.7 billion dirhams for the year 2021, up 37.5% compared to 2020. This performance helped contain the widening of the current account deficit, which stood at 29.1 billion dirhams, or 2.3% of GDP instead of 1.2% a year earlier, the report states.

In a statement to Al Ain News, Mehdi El Fakir, consultant and economic expert, affirmed that MREs represent a real safety valve both economically and socially. According to his explanations, the transfers made by MREs during the health crisis period and their unwavering solidarity with their relatives in Morocco, have significantly reduced the negative effects of the Covid-19 crisis. To maintain this momentum, the authorities should, according to him, prioritize MRE investments in Morocco and create seats to represent them in the Moroccan Parliament.