Join on WhatsApp
Join on Telegram
Rabat – Remittances from the Moroccan diaspora amounted to more than MAD 86.48 billion ($9.3 billion) at the end of November 2021 compared to MAD 61.29 billion ($6.6 billion) a year earlier.
New data from the Exchange Office said that remittances from the Moroccan diaspora witnessed an increase of 41.1%.
Despite the COVID-19 crisis, remittances from Moroccans residing abroad (MREs) continued in an upward trend the past few years.
In a recent publication on immigration trends amid the pandemic, the World Bank indicated Morocco is the second-highest recipient of remittances in the MENA region.
The World Bank suggested that the flow of remittances this year make 7.4% of the country’s Gross Domestic Product (GDP).
In addition to remittances, the Exchange Office also reported a surplus in the balance of trade in services (up 5.9%).
Exports improved by 9.1 % to reach MAD 127.5 billion ($13.7 billion) at the end of November. Imports increased by 12% to MAD 67.55 billion ($7.3 billion).
Travel receipts recorded an “almost stable surplus balance” compared to 2020.
According to the Exchange Office data, travel receipts stood at MAD 31.96 billion ($3.4 billion) at the end of November against MAD 31.72 billion ($3.4 billion) as of November 20202.
Tourism is the hardest hit sector due to COVID-19. Professionals in the sector have been experiencing an economic crisis since the outbreak of the pandemic in Morocco and across the world.
Morocco, which has been under a state of emergency since March 2020, introduced a new travel ban last month as part of its preventive measures against the spread of COVID-19 and its strains.
The travel ban is ongoing until January 31, covering the suspension of flights to and from Morocco.
