Join on WhatsApp
Join on Telegram
Rabat – Remittances from the Moroccan diaspora reached over MAD 109.15 billion ($10.75 billion) in 2022.
The number represents an increase of 16.5% compared to a year earlier, when money transfers from overseas Moroccans reached MAD 93.67 billion ($9.22 billion).
According to the World Bank Group’s Migration and Development Brief, remittances from Moroccans residing abroad are among the highest in Africa.
Africa’s two most populous countries, Egypt and Nigeria, sat at the top of the ranking, with their diasporas sending back home $32.3 billion and $20.9 billion, respectively, according to the report.
In January, Morocco hosted the Forum on Reduction of Remittance Costs for African Diaspora, which served as a platform to discuss the cost of money transfers to the continent.
During the event, Morocco’s Foreign Affairs Minister stressed the importance of the Moroccan diaspora’s contribution to the Moroccan economy and emphasized the challenges facing Africa’s communities abroad when it comes to sending money to their home countries.
“Remittances transfer of the African diaspora are the most expensive in the world, averaging 8% while it averages 6% in other regions,” Bourita said, adding that “for each $200 a member of the African diaspora transfer, Africa pays $16, while Asia pays less than $10.”
The Moroccan diplomat also called on participants to consider the adoption of a pragmatic approach in devising possible solutions to reduce the high cost of transferring remittances.
In addition to remittances, Morocco’s Exchange Office also reported a surplus in the balance of trade in services.
Trade activities in Morocco rose by 82.2% compared to a year earlier to reach MAD 113.65 billion, the office reported, attributing this positive performance to an increase in exports, which rose by 658.3% to MAD 220.18 billion ($21.68 billion) over the past year.
