Rabat – Latest statistics from the Exchange Office reported that the remittances from the Moroccan diaspora dropped by 3.7%, amounting to a drop of MAD 1.37 billion ($148.25 million) by April compared to the same period last year.
The Exchange Office said remittances reached MAD 35.9 billion ($3.88 billion) by the end of April compared to MAD 37.27 billion ($4 billion) over the same period over the same period last year.
Money transfers are important for Morocco’s economic growth, and King Mohammed VI has also been 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.
Last year, remittances reached over $11.7 billion, representing an increase of 2.1% compared to 2023.
Several reports have highlighted the importance of Morocco as one of the largest recipients of remittances in the Middle East and North Africa region after Egypt.
The World Bank described Morocco as the second-largest recipient of remittances following Egypt. This number is expected to rise, with the Bank forecasting an ongoing increase in Morocco-bound remittances in the coming years.
