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Rabat – Remittances from Moroccans residing abroad amounted to MAD 36.34 billion or $4 billion in the first five months of this year.
The number represents an increase of 50.2% in comparison to a year ago, statistics from the Foreign Exchange Office reported.
In the first five months of 2020, the remittances totaled MAD 24.19 billion or $2.7 billion.
Remittances from Moroccans residing abroad contribute to Morocco’s economy significantly.
In 2018, Money transfers from the Moroccan diaspora contributed to Morocco’s Gross Domestic Product (GDP) by 6.2%.
Remittances also showed steady growth despite the COVID-19 crisis.
In May, the World Bank announced that the remittance flow to the Middle East and North Africa rose by 2.3% in 2020, driven largely by Egypt and Morocco.
The data said that money transfers to Morocco from its diaspora registered an increase of 6.5% during the same year.
Morocco receives over three million members of the diaspora annually.
Due to COVID-19, Morocco closed its borders in March 2020, which prevented thousands of MREs from returning home for summer holidays.
Morocco gradually reopened its borders but has frequently suspended flights with countries prone to high COVID-19 infections.
On June 15, Morocco allowed the resumption of international flights to facilitate diaspora’s summer plans to their homeland.
The decision comes under royal instructions.
