Moroccan Expats in France Send Record $540 Million Home, Boosting Remittances

18 August 2023 – bySaid@Bladi · 1 min read

In 2022, Morocco recorded a historic peak in revenue from transfers by Moroccans residing abroad (MREs), reaching 110.7 billion DH, an increase of 16% compared to 2019, according to the latest report from the Office des Changes on the balance of payments.

When observing the average annual growth rate (CAGR) over the 2019-2022 period, it stands at 19.4%. The main countries generating this revenue have seen their figures grow, particularly France with +17.9% (or +5.4 billion DH), followed by Spain, Italy and Saudi Arabia.

France retains its first place as the leading sending country, accounting for 32.2% of total MRE revenue. It is closely followed by Spain (13.4%), Italy (11.5%) and Saudi Arabia (7.6%). However, a notable fact is that over the past five years, it is Canada that has the highest CAGR at +28%, even surpassing Spain and Italy.

Category: France

Keywords:

MRE Transfers Exchange Office Moroccan Living Abroad