Rabat – According to statistics released by the Moroccan Foreign Exchange Office, Moroccans living in the Arab Gulf sent MAD 11.6 billion back to Morocco in 2018.
This total amount received from Saudi Arabia, Qatar, Kuwait, UAE, Oman, and Bahrain represents 17.8% of all funds transferred to Morocco by Moroccan expatriates.
Most of the money sent to Morocco from overseas came from France (MAD 23 billion or 35.5%), followed by Italy (MAD 6 billion or 9.4%), Spain (MAD 5.6 billion or 8.6%).
From the Gulf region, most money came from Saudi Arabia (MAD 4.59 billion or 7.0%), followed by UAE (MAD 4.207 billion or 6,5%).
In 2018, Moroccans abroad transferred at a total of MAD 65 billion back to Morocco, a slight increase from MAD 60 billion in 2017.
The money coming into Morocco from overseas supports the country’s economy. It promotes the purchasing power of rural Moroccans, an important factor in promoting economic growth and social cohesion.
The MAD currently stands at 0.092 euros or $0.10.
