Rabat - Remittance inflow to Morocco reached more than $7 billion in 2016, coming mostly from France, Spain, and Italy, US Pew Research Center finds.
Rabat – Remittance inflow to Morocco reached more than $7 billion in 2016, coming mostly from France, Spain, and Italy, US Pew Research Center finds.
In a report entitled “Global Remittance Flows in 2016,” the think tank said that Morocco’s remittances from France in 2016 amounted to $2.17 billion, followed by Spain at $1.75 billion.
Italy ranked third at $975 million, while Belgium ranked fourth at $482 million and inflow from the Netherlands amounted to $424 million. Israel was the fifth-highest contributing country, with remittances reaching $379 million.
The report revealed that remittances sent from Germany to Morocco amounted to $301 million, while those from the United States amounted to $175 million, followed by Canada at $109 million.
Meanwhile, Morocco sent $99 million in remittance outflow in 2016. Morocco’s main remittance recipient is France at $61 million, followed by Algeria at $17 million, according to the center.
Italy ranked third, receiving $7 million, followed by Lebanon at $5 million, Jordan at $4 million, Yemen at $2 million, and Saudi Arabia at $1 million.
Globally, an estimated $574 billion was remitted by percent migrants to their home countries in 2016. This represents a decrease of 1 percent from 2015, when the amount was at $581 billion.
This is the first drop in remittances since the global financial crisis of 2007-2008.
Nevertheless, remittances are expected to double their rate from the previous decade, characterized by the global economic crisis of the late 2000s.
