Rabat – The inflow of remittances to Morocco reached MAD 17.7 billion ($1.6 billion) at the end of the first two months of 2024, representing a modest annual rate of 8.6%.
According to the monthly report from Office d’Exchange, the rise comes on the heels of a period of relative stability in January and significant development throughout 2023. At the end of 2023, remittances totaled MAD 115.15 billion ($11.5 billion).
Remittances from Moroccans abroad peaked at MAD 9.4 billion ($930 billion) in January 2023, the highest level in the past five years, and marking a significant rise from the MAD 6.2 billion ($610 million) recorded a year earlier, OE data shows.
The rise in the flow of remittances in Morocco in 2023 was likely linked to the devastating Al Haouz earthquake that struck the country on September 8.
The figure was close to the $12 billion the World Bank (WB) expected in the wake of the natural catastrophe that claimed nearly 3,000 lives and left thousands without shelter.
Published in December 2023, the WB report explained that remittances in Morocco sustained an upward trajectory for seven years, providing a crucial financial lifeline for Moroccan families — particularly during the COVID-19 pandemic.
In 2023, remittance inflows from Moroccans abroad remained notably strong, gaining momentum following the devastating September 8 earthquake.
However, the WB report argues that the outlook for remittances in Morocco and the MENA region at large remains clouded with uncertainty in 2024. The oil-exporting nations like Iraq and Algeria stand to benefit from increased hydrocarbon prices while oil-importing countries grapple with mounting challenges.
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