Rabat – The inflow of remittances sent by Moroccans residing abroad (MRE) totaled MAD 91.52 billion (approximately $9.5 billion) in the first nine months of 2024, reflecting a 5.2% increase over the same period last year.
This data is provided by the Office of Foreign Exchange, which recently released its latest statistics on external trade.
The continued growth in funds transferred by Moroccans residing abroad builds on a trend that has been gaining momentum for several years. When compared to the MAD 50.41 billion ($5.3 billion) recorded at the end of September 2020, the current figures represent an impressive increase of over 81%.
Last year, these transfers had already seen a rise of 4%, exceeding MAD 115 billion ($12.2 billion).
Looking ahead, this upward trajectory is expected to persist. Projections from Bank Al-Maghrib, shared last September, indicate that transfers from Moroccans abroad could rise by about 3%, potentially reaching MAD 121.8 billion ($12.9 billion) by 2025.
By the end of July, remittances from the diaspora to Morocco reached MAD 56.72 billion ($5.7 billion).
Last year, these remittances reached $11.8 billion, positioning Morocco as the second-largest recipient of remittances in the MENA region, after Egypt.
Recognizing the importance of diaspora transfers to the economy, the government aims to boost their contributions and investments in Morocco, particularly in the real estate sector.
Read Also: Morocco Maintains Position as Second Largest Remittance Recipient in MENA Region
