Moroccan Remittances to Spain Surge 33% Amid Pandemic Border Closures

"Before, an MRE could enter the country at any time of the year with money, some of which he would leave with the family. This was not counted as a transfer. But with the closure of borders and travel restrictions, this flow has become formal by force, hence the strong increase we see today in the figures," explains Íñigo Moré, director of Remesas.org. Moroccans represented the largest foreign community in Spain in 2020 with 865,945 people, according to data from the National Institute of Statistics (INE).

Total remittances from Spain increased by 36% from 2013 to 2020, notes the expert. "The increase in remittance transfers from Spain to Africa is fading, as there are other destinations that are growing much more," he explains. According to data from the Bank of Spain, the 414 million euros transferred to Senegal in 2020 (+ 19.65% from 2017 to 2020), added to the 1.022 billion euros sent to Morocco, represent 17.9% of the funds sent from Spain.

Apart from Morocco, which experienced an exceptional rebound during the pandemic, remittance transfers from Spain to Pakistan also increased in 2020 to reach 373 million euros, an increase of 18% compared to 2019. But this trend will probably slow down in 2021, as the health situation improves in the countries and travel restrictions are lifted.

As of the end of April 2021, the total number of remittances from around the world to Morocco increased by 45.3% compared to the same period in 2020, from 1.8 billion euros to 2.6 billion, according to figures from the Office des Changes.