Morocco Sees 40% Surge in Remittances from Expatriates in 2021, World Bank Reports

According to the latest information note from the World Bank, "remittances to developing countries in the Middle East and North Africa (MENA) region increased by 7.6% in 2021 to reach $61 billion, due to strong increases to Morocco (40%) and Egypt (6.4%)."

However, for this year, the banking institution expects a 6% slowdown in the growth of these remittances to the MENA region countries, specifying that for some countries, these transfers have long been the main source of external resources (61% in 2021), ahead of official development assistance, foreign direct investment (FDI) and investment and debt flows.

The report also noted that the invasion of Ukraine, leading to Russia’s exclusion from the SWIFT system, has affected international payment systems, which has repercussions on cross-border remittance flows.