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Rabat – Remittances from the world’s expatriates to the Arab region did not not go down in 2020 despite the COVID-19 crisis, according to a new study by the Union of Arab Banks.
The figures reached $58 billion in the past year compared to $61.7 billion in 2019, with the study showing Morocco among the top 10 countries in the Arab world in terms of remittances received in the past year.
The list also includes Algeria, Djibouti, Egypt, Jordan, Iraq, Sudan, Tunisia, Palestine, and Lebanon.
The 10 countries listed in the report received about $45.9 billion, representing 5.7% of their GDP.
The number also represents 94.8% of all remittances to the Arab region, the study added.
According to the Union of Arab Banks, such positive indicators are due to the solid remittance flows to both Egypt and Morocco.
Remittances to Morocco exceeded $7.4 billion last year, while money transfer to Egypt increased by 10.5% to reach $29.6 billion during the same year.
Egypt tops the list with a share of 53.9% of the global money transfer to the Arab region in 2020, while Morocco comes second with a share of 13.5%..
The data also shows that while countries like Sudan, Algeria, and Palestine remain in the top 10, they have experienced a 5% decrease in terms of remittance flows.
Djibouti, Lebanon, Jordan, and Iraq also recorded a decrease estimated at over 10%.
Meanwhile, the Union of Arab Banks forecasts a 2.6%. growth in remittances to the Arab world in 2021.
Recent data from Morocco’s Foreign Exchange Office shows that remittances from the Moroccan diaspora reached $5 billion in the first half of 2021.
The number represents an increase of 48.1% compared to the same period last year, when remittances were estimated at $3.34 billion.
Money transfers from the Moroccan diaspora contribute significantly to Morocco’s economy. In 2018, for example, remittances contributed 6.2% to the country’s GDP.
