Moroccan Expatriates Send Record $9.1 Billion Home in First Nine Months of 2024

This is a new record, up 5.2% compared to the same period last year, according to figures from the Office des Changes. Since 2020, these money transfers have exploded, with an increase of more than 81%.

To read: EU Banking Directive Threatens Remittances from Moroccan Expats

Last year, these transfers had already reached 115 MMDH, an increase of 4%. And the Moroccan central bank (Bank Al-Maghrib) forecasts a new 3% increase for 2025, which would bring the total to 121.8 billion dirhams.

At the same time, tourism is doing well. Tourism revenues reached 87 billion dirhams at the end of September 2024, up 8.4%. However, Moroccans are traveling more abroad: their spending has increased by 20% year-on-year, reaching 22.31 billion dirhams.