Rabat — Remittances from Moroccans living abroad (MREs) reached MAD 26.22 billion ($2.80 billion) by the end of March, compared to MAD 27.96 billion ($3 billion) during the same period last year.
Morocco’s Exchange Office said the statistics reflect a decrease of MAD 1.74 billion ($187.3 million), or 6.2% year-on-year.
Although the statistics show a slight decrease, the number recorded in remittances from MREs does not reflect the country’s ambition to see more Moroccans investing or sending their money home.
Morocco’s government aims to maintain leadership in the MENA region as the country upholds its position as the second-largest recipient of remittances in the region.
Total remittances from the Moroccan diaspora worldwide reached $11.7 billion last year, representing a 2.1% increase from 2023.
In November last year, Head of Government Aziz Akhannouch said the cabinet is committed to implementing King Mohammed VI’s vision for the Moroccan diaspora as outlined in last year’s Green March anniversary speech.
During the speech, the monarch called for revising and restructuring institutions that manage the affairs of MREs to reinforce their relationship with their homeland.
“I have decided that the mechanisms used in managing the affairs of Moroccans residing abroad should be revisited,” the monarch said in his speech, announcing plans to create two bodies to provide strategic guidance and representation. He also mentioned the desire to focus on executing public policy and consolidating efforts across various stakeholders.
Akhannouch, during a meeting following the King’s speech, reviewed “the key points” the monarch made, emphasizing that the government has attentively and thoughtfully embraced the royal directives and mobilized resources to ensure the success of this reform.
He also affirmed that the government is “committed to executing this ambitious Royal Vision with the necessary diligence and urgency.”
