Rabat – Funds transferred by Moroccans living abroad to Morocco reached nearly MAD 80 billion ($8.6 billion) as of October 2021, continuing the pattern of growth, according to the latest monthly report by the Moroccan Exchange Office.
The precise number was MAD 79.6 billion ($8.6 billion), transferred to Morocco from January to October of this year, showing an increase of 43% from 2020’s MAD 55.5 billion ($60 billion) transferred in the same period.
The figures show a continuation of the increase in remittances that has been recorded all year. The World Bank previously predicted that the figures would reach MAD 85 billion ($9.2 billion) by the end of the year.
Bank Al-Maghrib, Morocco’s central bank, predicted remittances would reach MAD 87 billion ($9.4 billion) by the end of the year.
Meanwhile, foreign investments in Morocco reached MAD 15.4 billion ($16.7 billion), an increase from MAD 13.4 billion ($14.5 billion) during the same time period last year.
On the other hand, Moroccan investments abroad reached around MAD 14 billion ($15 billion) by the end of October, a record number for this period over the last 5 years.
These numbers show great resilience of the Moroccan economy and additional growth even as it continues to recover following the impact of the COVID-19 pandemic.
The World Bank had previously called on Morocco’s government to make the process of transferring funds easier to support economic recovery. The remittances present “a real lifesaver,” according to the international organization.
More ways to make transfers easier and more convenient have emerged recently, such as the international money transfer platform TapTap Send, which charges a smaller fee than conventional organizations and offers more convenience.
Read Also: TapTap Send: Easy Way to Send Money Abroad for Moroccan Diaspora
Various reports from the World Bank and the Union of Arab Banks have in recent months ranked Morocco as the second country in terms of remittances received in the Arab world this year.
