Moroccan Expatriates Send Record $1.7 Billion Home in July, Boosting Economy

Since the start of the health crisis, remittances from MREs have shown strong resilience. Thus, over the first seven months of the year, the latest statistics published by the Foreign Exchange Office show that remittances reached 54.02 billion dirhams at the end of July 2021, compared to 37.1 billion in July 2020, an increase of 45.6% and an additional amount of more than 16 billion dirhams.

Regarding the flow of foreign direct investment (FDI), it stands at 10.6 billion dirhams, an increase of 9%. For the rest of the year, the main institutions expect the growth to continue, at a moderate pace. For Bank Al-Maghrib, they will experience a 7.6% increase this year, reaching more than 73.3 billion dirhams. However, this flow could be exceeded by the Moroccan diaspora.