Morocco’s Diaspora Remittances Reached MAD 92.73 Billion as of September

Rabat – New data from the Exchange Office said remittances from Morocco’s diaspora reached MAD 92.73 billion ($9.96 billion) by the end of September.

The number shows a year-on-year increase of 1.1% compared to the same period last year.

In September 2024, remittances from diaspora stood at MAD 91.72 billion ($9.85 billion).

The total remittances sent by diaspora last year reached $11.7 billion, representing a 2.1% increase compared to 2023.

Morocco’s government has long emphasized the importance of the diaspora’s contribution to the country’s economy. The North African country has maintained its position as the second-largest recipient of remittances in the MENA region after Egypt.

Last year, the World Bank attributed remittances as a key contributing factor in Morocco’s current economic strength.

“Despite fast-growing imports resulting from the recovery of domestic demand, solid manufacturing exports, tourism inflows, and remittances kept the current account deficit at close to 1.2 percent of GDP in 2024, largely financed with FDI,” the bank said.

The bank emphasized that Morocco has been demonstrating remarkable economic resilience throughout the years despite challenges like COVID-19, the 2023 devastating earthquake in Al Haouz, and prolonged drought.

It attributed this resilience to the country’s robust macroeconomic policy framework and proactive government response.

In addition to remittances, the exchange office also reports a 17.7% increase in the trade deficit, which exceeds MAD 259 billion ($27.83 billion). It attributed the result to an increase in imports of goods and exports.