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Rabat – Remittances from Moroccans living abroad amounted to MAD 71.88 billion ($7.92 billion) as of September, new data shows.
New data published by the Exchange Office shows that remittances from Moroccans living abroad increased by 42.5% or MAD 21.42 billion ($2.36 billion) compared to the same period last year.
Remittances from Moroccans residing abroad reached MAD 50.46 billion ($5.56 billion) last year during the same period.
The new data reflects Morocco’s current position in terms of money transfers from its diaspora abroad.
A new study from the Union of Arab Banks in September shows that Morocco ranks as the second country in terms of receiving remittances in the Arab world in 2020.
The Arab region received $58 billion of remittances, the data shows.
The study also featured Morocco among the top 10 countries in the Arab world in terms of remittances received in the past year.
Egypt tops the list with a share of 53.9% of the global money transfer to the Arab region, followed by Morocco with a 13.5% share.
The foreign exchange data shows a surplus in the balance of trade services, growing by 4.9% for the first time since the start of COVID-19 crisis.
Exports improved by 6.7% to stand at MAD 101.25 billion ($11 billion) as of the end of September, while imports increased by 8.3% to MAD 54.71 billion.($6 billion)
The travel sector posted a surplus balance down 6.7%, due to the decline in travel receipts from 6.1% to MAD 27.74 billion($3 billion) at the end of September 2021.
Travel expenses also dropped by 4.7%, the new data added.
