Remittances From Moroccans Abroad Reach $5.5 Billion

Rabat – Remittances from the Moroccan community abroad totaled 58.2 billion ($5.5 billion) at the end of July 2022, up from last year’s MAD 54.1 billion ($5.1 billion).

According to recent data from Morocco’s Foreign Exchange Office, the country’s foreign trade watchdog, the volume of remittances from the Moroccan community abroad increased by an annual rate of 7.4%.

Despite dipping slightly in 2020, the volume of remittances has been rising steadily over the four years.

Between 2018 and 2022, remittances went from MAD 37.7 billion ($3.5 billion) to MAD 58.2 billion ($5.5 billion), according to data from the Exchange Office.

The inflow of remittances has seen a noticeable increase between 2020 and 2021, increasing from MAD 37 billion ($3.5 billion) in 2020 to MAD 54.1 billion ($5.1 billion) one year later, official data suggests.

Remittances are a significant source of foreign currency inflows for Morocco. In 2022, remittances alone made up 5.8% of Morocco’s Gross Domestic Product (GDP), a report from economic intelligence platform Statistica indicates.

The Moroccan community abroad is estimated at five million people.

A study from the Union of Arab Banks conducted in 2020 indicates that Morocco ranks as the second Arab country in terms of remittances in the region, after Egypt. 

Read Also: Morocco 2nd Country To Receive Remittances in Arab Region in 2020