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Rabat – Morocco’s diaspora remittances reached MAD 115.15 billion, or $11.5 billion, in 2023, new data from the Office of Foreign Exchange has shown.
The number reflects an increase of 4% compared to December 2022, the report added.
Remittances from Moroccans residing abroad are key to the country’s economy.
In 2023, Morocco secured the second spot among leading recipients of remittances in the Middle East and North Africa region, according to the World Bank’s Migration and Development Brief.
Egypt ranked first in the region, with $28.3 billion, followed by Lebanon, and Jordan.
In addition to remittances, Moroccan diaspora members also contributed to Morocco’s tourism boost last year.
In 2023, Morocco welcomed 14.5 million tourists, representing a 34% increase from a year earlier.
The record-breaking number also reflects a 12% surge compared to the pre-pandemic benchmark year of 2019.
Moroccan diaspora members made up 51% of total tourist arrivals in 2023, showcasing a notable 27% growth from the previous year.
Minister of Tourism Fatim Zahra Ammor celebrated the news, stressing that the number surpassed the 12 million visitor mark in 2023, despite the challenges faced following the Al Haouz earthquake.
Reports have suggested that the earthquake, which struck Morocco on September 8, last year could impact Morocco’s economy — including the tourism sector.
The concerns came as the earthquake struck Al Haouz region is home to some of the country’s key tourism destinations.
The earthquake recovery relief however helped the country to quickly recover from the crisis. Tourism campaigns launched by the country also attracted tourists who arrived in Morocco to contribute to the recovery campaign.
Morocco aims to achieve 17.5 million visitors by 2026.
