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Rabat – Remittances from the Moroccan diaspora reached approximately $5.6 billion (MAD 55.3 billion) by the end of June 2023, Morocco’s Office Des Changes reported on Monday.
The figure represents a significant increase compared to the $4.9 billion (MAD 48.57 billion) recorded in the same period last year.
The Moroccan diaspora has long been an integral part of the nation’s identity, with their financial contributions through remittances playing a crucial role in boosting the country’s economy.
The importance of the diaspora’s remittances goes beyond the economic aspect, as sending money back home is often a testament to their strong attachment to their homeland.
The diaspora’s remittances have proven to serve as a counterbalance to economic challenges, offering stability during times of crisis. In 2020, remittances accounted for 6.5% of the country’s Gross Domestic Product (GDP).
According to the World Bank Group’s Migration and Development Brief, remittances from the Moroccan diaspora are among the highest in Africa.
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The same report indicated that Morocco is the second top recipient of remittances in the Middle East and North Africa (MENA) region.
The Moroccan government has frequently recognized the value of the diaspora’s contributions and has implemented policies to foster closer engagement with MRE communities.
These policies aim to encourage investments and provide incentives for the transfer of skills and knowledge back to Morocco.
During his speech on the Revolution of the King and the People anniversary last year, King Mohammed VI called for the implementation of a business-friendly climate for the Moroccan diaspora.
“I call once again on Moroccan youth and on project holders residing abroad to make the most of the numerous investment opportunities in Morocco, as well as the incentives and guarantees offered by the new investment charter,” the monarch said.
