Rabat — Remittances from Morocco’s diaspora have reached over MAD 117.7 billion ($11.7 billion) in 2024, representing an increase of 2.1% compared to 2023.
Remittances reached MAD 115.26 billion ($11.4 billion) last year, according to data from the Moroccan Exchange Office.
Diaspora money transfers are key to Morocco’s economic growth. Morocco’s government has been pledging further efforts to encourage its Moroccans residing abroad, or MREs, to invest more in their homeland.
King Mohammed VI has been also calling for efforts to facilitate the diaspora’s administrative procedures and needs.
“I have decided that mechanisms used in managing the affairs of Moroccans residing abroad should be revisited,” the King said in November of last year, announcing reforms to strengthen institutional support for diaspora members.
Morocco maintains its position as the second-largest recipient of remittances in the MENA region after Egypt.
In June of last year, the World Bank forecasted an increase in Morocco-bound remittances in the coming years.
In addition to remittances, data from the Foreign Exchange Office also reported an improvement in Morocco’s foreign direct investments which reached over MAD 17.23 billion ($1.7 billion).
The number showed an increase of 55.4% compared to last year. Revenues and expenses from FDI grew by 24.7%, reaching MAD 43.19 billion ($4.2 billion) and by 10% to reach nearly MAD 25.96 billion.
However, the net from Moroccan direct investments abroad decreased by 23.2% to MAD 6 billion ($596.9 million). The revenue from the sale of such investments, however, increased by 4% to MAD 17.78 billion ($1.7 billion). Additionally, expenses fell by 5% to MAD 24.89 billion ($2.4 billion).
