Remittances from members of the Moroccan reached MAD 93.3 billion ($9.95 billion) at the end of December 2021 compared to MAD 68.18 billion ($7.27 billion) a year earlier.
Morocco’s Exchange Office released the latest data on remittances to the country, saying money transfers from Moroccan diaspora members experienced an increase of 36.8% or MAD 25.07 billion ($2.67 billion).
The figures show that the far-reaching socio-economic consequences of the COVID crisis worldwide did not have a negative impact on money transfers from Moroccans residing abroad. In fact, remittances to Morocco from overseas Moroccans considerably increased despite the pandemic, according to the Exchange Office.
This means COVID did not succeed in deterring Moroccans from contributing to Morocco’s economy with regular financial assistance to their families, loved ones,
and investment transfers to sustain their businesses in Morocco, the Office suggested.
In 2021, the flow of remittances from Morocco’s diaspora represented 7.4% of Mor Moroccan GDP, according to a recent report from the World Bank.
Morocco’s government wants to further encourage diaspora members to invest in the North African country.
Mouhcine Jazouli, Morocco’s Deputy Minister for Investment, said in January that 10% of money transfers from Moroccans residing abroad were channeled towards investment last year.
The minister said $864 million went to the real estate sector, while $216 million were invested in other productive sectors.
In addition to remittances, Morocco’s Exchange Office said Morocco’s balance of trade in services experienced a slight increase of 0.3% in December 2021.
The country’s balance of trade in services amounted to more than MAD 64.16 billion ($6.84 billion), according to the Office’s latest data.
Exports improved by 6% to stand at MAD 139.018 ($14.83 billion) billion at the end of December 2021, while imports also increased by 11.4% to reach MAD 74.885 billion ($7.99 billion).
