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MRE Transfers

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  • Remittances to Morocco Dip 1.7% in 2018, Foreign Investment Rises
    7 February 2019, by Said

    Funds transferred by Moroccans residing abroad are slightly down, according to the Foreign Exchange Office in a note on its monthly indicators of foreign trade for the 2018 fiscal year.
    They were set at 64.8 billion dirhams for the year 2018, down 1.7% compared to the previous year, it is specified. In its previous notes, particularly those of last November and December, the office had already reported declines in these flows.
    Regarding Foreign Direct Investment (FDI) in Morocco, it (…)

  • Moroccan Remittances Plunge 9.2% in January, Foreign Investment Down 30.4%
    5 March 2019, by Said

    A sharp drop in remittances by Moroccans living abroad was recorded in January, according to figures just released by the Office of Exchange.
    Thus, remittances experienced a sharp 9.2% drop in January compared to the same period last year, the office indicates, with them standing at 5.4 billion dirhams compared to 5.95 billion dirhams in January 2018.
    This note on the monthly indicators of foreign trade in January 2019 also shows a 30.4% drop in the flow of Foreign Direct Investment, (…)

  • Remittances to Morocco Drop 6.4% as Overseas Transfers Decline
    10 April 2019, by Said

    Money transfers from Moroccans residing abroad (MREs) are down, according to the monthly indicators of foreign trade for the month of February last released by the Foreign Exchange Office.
    These transfers amounted to 9.945 billion dirhams at the end of February last, while they were 10.625 billion dirhams during the same period in 2018, a decrease of 6.4% (-680 million dirhams).
    The Foreign Exchange Office also reports a 28.8% drop in Foreign Direct Investment (FDI) flows, from 4.351 (…)

  • Morocco Launches Mobile Service Center for Expatriates in Spain
    25 April 2019, by Bladi.net

    The ministry in charge of Moroccans living abroad and migration affairs announced that the various institutions concerned with the affairs of Moroccans living abroad will be grouped together in a single mobile counter, which will take up residence from May 2 to 5 in Spain, as a pilot phase.
    According to the ministry in charge of Moroccans living abroad and migration affairs, the objective of this initiative is to support and closely monitor the conditions of Moroccans in Spain. "This (…)

  • Morocco Clarifies: Expats Not Required to Declare Moroccan Bank Accounts Abroad
    25 March 2021, by Prince

    In a statement published on Wednesday, the DGI denied these false information published on social media, which state that MREs are required to declare their bank accounts in Morocco to the tax authorities of their country of residence as of 2021. According to these media, the multilateral convention on tax treaties BEPS signed in June 2019 by Morocco would provide for an automatic exchange of information between the signatory countries.
    However, the automatic exchange of information is not (…)

  • Moroccan Diaspora Remittances Surge 50% Amid Declining Trade Balance
    4 July 2021, by Jérôme

    Remittances increased by 50.2% from January to the end of May 2021, according to the Office des Changes in its recent report on monthly foreign trade indicators. The indicators show a 38.9% drop in the surplus of the services trade balance to 17.38 MMDH. This drop is linked to a 19.6% decrease in exports to 46.85 MMDH and a -1.5% decrease in imports to 29.56 MMDH.
    Regarding travel, a major component of service trade, its balance fell by 72.3% due to a 62.7% drop in travel receipts to 7.38 (…)

  • Moroccan Expatriate Remittances Surge 48% Amid Travel Sector Decline
    29 July 2021, by Jérôme

    During the first half of 2021, remittances from Moroccans residing abroad (MRE) reached more than 44.19 billion dirhams (MMDH), compared to only 29.83 MMDH in the same period last year, an increase of 48.1%.
    The indicators published by the [Foreign Exchange Office] also report a 33.1% decrease in the surplus of the services trade balance to 21.73 MMDH, due to the drop in recorded exports and the increase in imports.
    Regarding "travel", the main component of trade in services, its (…)

  • Moroccan Diaspora Remittances Surge 45.7% to $6.8 Billion Despite Global Crisis
    2 October 2021, by Armel

    At the end of the first 8 months of 2021, funds transferred by Moroccans residing abroad amounted to 63.7 billion dirhams.
    Despite the crisis, the spectacular increase observed for several months is not waning, reports the MAP.
    According to the Office des Changes, these transfers amounted to 63.73 billion dirhams at the end of August 2021 compared to 43.7 billion dirhams, an increase of 45.7%, which represents a gap of +20 billion dirhams in one year.
    Similarly, travel receipts (…)

  • Remittances to Morocco Plummet 5.7% as Foreign Investment Drops 47%
    4 May 2019, by Said

    Money transfers from Moroccans living abroad to their country of origin have seen a sharp decline, according to the latest figures released by the Office of Exchange.
    In its note on foreign trade indicators for the first three months of the year, it shows a sharp 5.7% drop compared to last year’s figures. The MREs transferred 15.098 billion dirhams, compared to 16.003 billion dirhams a year earlier.
    During the same period, foreign direct investment (FDI) flows to Morocco stood at 3.138 (…)

  • Moroccan Expats in Gulf Countries Send Home $1.2 Billion in 2018
    26 May 2019, by Said

    Moroccans living in the Gulf countries are sending more and more money to their country of origin, as shown by the latest figures just released by the Foreign Exchange Office.
    Thus, last year, they transferred some 11.6 billion dirhams, or about 17.8% of the total amount sent by Moroccans living abroad, reports the site telquel.ma.
    In detail, Moroccans in Saudi Arabia sent 4.54 billion dirhams, those in Qatar 1.26 billion dirhams and those living in Kuwait transferred a little over 1 (…)