Moroccan Diaspora Remittances Reach Record High of $6.4 Billion in July

Remittances from Moroccans living abroad reached MAD 66 billion ($6.4 billion) in the first seven months of 2023, representing a 10% increase compared to the same period in 2022, according to data from Morocco’s Exchange Office.

Rabat – Remittances from Moroccans living abroad reached MAD 66 billion ($6.4 billion) in the first seven months of 2023, representing a 10% increase compared to the same period in 2022, according to data from Morocco’s Exchange Office.

Released on Friday, the report revealed that diaspora remittances hit an all-time high in July 2023, surpassing numbers recorded in the first seven months of the past four years.

Last year, remittances from Moroccans living abroad set a new record, surging to MAD 109.15 billion ($10.6 billion), an increase of 16.5%.

Morocco’s central bank, Bank Al-Maghrib, anticipates a further 3.5% increase in remittances from Moroccans abroad, projecting that they will reach MAD 114.7 billion ($11.2 billion) this year.

Remittances from Moroccans living abroad have emerged as a critical lifeline for the Moroccan economy, especially during the challenging times of the COVID-19 pandemic.

The consistent growth in remittances had a key role in supporting the country’s economic landscape and strengthening its resilience against various economic shocks.

Amid the COVID-19 crisis, remittances served as a vital source of income for many Moroccan families, helping them meet their basic needs and navigate the financial uncertainties brought about by lockdowns and economic disruptions.

These funds not only sustained households but also contributed significantly to local consumption and, by extension, economic stability.

In addition, remittances provided a much-needed boost to Morocco’s foreign exchange reserves, with the influx of foreign currency enhancing the country’s capacity to meet its international financial obligations and support various economic initiatives.