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Rabat – Remittances from Moroccans living abroad reached a record MAD 119 billion ($12.8 billion) in 2024, marking a 3.3% increase compared to the previous year, according to Morocco’s Foreign Exchange Office (Office des Changes).
The Office reported that these inflows have grown at an average annual rate of 5.7% between 2021 and 2024, reflecting the steady contribution of the Moroccan diaspora to the country’s economy.
The report also shows that the net balance of private current transfers rose from MAD 128.4 billion ($13.8 billion) in 2023 to MAD 133.5 billion ($14.4 billion) in 2024. This increase stems mainly from a 4.5% growth in revenues, slightly offset by a 19.2% rise in expenditures.
Most of the private transfers’ growth came from higher remittances from Moroccans abroad, which increased by MAD 3.8 billion ($410 million), underlining the central role of diaspora funds in the national economy.
Public current transfers also recorded an improved surplus, rising by MAD 1.2 billion ($130 million) to reach MAD 3.6 billion ($390 million) in 2024. This gain is largely attributed to a 35.4% jump in revenues.
The substantial remittance inflows play a crucial role in stabilizing Morocco’s external accounts and supporting the livelihoods of many families. They contribute significantly to the country’s foreign exchange reserves, thereby enhancing its economic resilience.
As Morocco continues to foster strong ties with its diaspora, these financial transfers remain a cornerstone of its economic strategy. The Moroccan government has recognized the importance of these remittances and is actively implementing measures to facilitate the investment of diaspora funds into the national economy.
Efforts are underway to streamline administrative procedures and create investment opportunities that encourage Moroccans abroad to contribute to the country’s development.
