Rabat – Remittances from the Moroccan diaspora totaled nearly MAD 27.11 billion ($2.7 billion) by the end of March 2023, Morocco’s foreign trade watchdog, the Office d’Echange (OE), has reported.
The number represents an increase of 16% compared to a year earlier, when money transfers from overseas Moroccans reached MAD 23.37 billion ($2.3 billion).
The office reported an increase in the balance of trade which reached MAD 17.2 billion ($1.7billion).
This increase is attributed to a growth in exports of 56.4% to MAD 60.05 billion ($6 billion), which was more significant than the increase in imports of 19.9% to MAD 26.86 billion ($2.7 billion).
Remittances from Moroccans residing abroad (MRE) are important for the Moroccan economy as they are one of the country’s four sources of foreign currency, alongside tourism, exports, and foreign investments (FDIs).
Morocco has a large diaspora population, with an estimated 5 million Moroccans living abroad, primarily in Europe.
Remittances have a positive impact on the macroeconomic level, helping to stabilize the Moroccan currency and improving the country’s balance of payments.
A 2022 report titled “Migration and Development Brief 37” highlighted that remittances from Moroccans living abroad are among the highest in Africa.
Last year, the flow of remittances from the Moroccan diaspora hit a record $10.75 billion, making the country one of the largest recipients of remittances in the region.
Read Also: Remittances from Moroccan Diaspora Hit $10.75 Billion in 2022
