Remittances from Moroccan Diaspora Hit $1.7 Billion in February 2023

Remittances from Moroccans residing abroad (MRE) totaled nearly MAD 17.3 billion ($1.7 billion) by the end of February 2023, up from MAD 13.45 billion ($1.3 billion) the previous year, Morocco’s foreign trade watchdog, the Office d’Echange (OE), has reported.

Rabat – Remittances from Moroccans residing abroad (MRE) totaled nearly MAD 17.3 billion ($1.7 billion) by the end of February 2023, up from MAD 13.45 billion ($1.3 billion) the previous year, Morocco’s foreign trade watchdog, the Office d’Echange (OE), has reported.

The number represents an increase of 28.6% compared to a year earlier, the office noted.

It also reported an increase in the balance of trade in services last February, totaling more than MAD 13.51 billion ($1.3 billion).

This increase is attributed to a growth in exports of 88.3% to MAD 37.65 billion ($3.7 billion), which was more significant than the increase in imports of 31.4% to MAD 17.31 billion ($1.7 billion).

The flow of remittances from Moroccans residing abroad fell 9.7% year on year in January 2023, totaling MAD 6 billion ($592 million), down from MAD 6.7 billion ($661 million) the previous year.

Remittances are important for the Moroccan economy as they are one of the country’s four sources of foreign currency, alongside tourism, exports, and foreign investments (FDIs).

The large numbers of Moroccans who reside in Europe, particularly in France, Spain, Belgium, and the Netherlands, regularly contribute to Morocco’s remittances.

According to the World Bank Group’s Migration and Development Brief, remittances from Moroccans living abroad are among the highest in Africa.

In 2022, the flow of remittances from the Moroccan diaspora hit a record $10.75 billion.