Moroccan diaspora remittances reach new record highs
Remittances sent by the Moroccan diaspora continue to be a mainstay of Morocco's economy. As these transfers grow year after year, the impact on the country's economic and social development is increasingly noticeable.
Recently, new data have revealed a significant increase in the flow of remittances, underlining the importance of the diaspora in sustaining and growing the Moroccan economy.
The flow of remittances sent by members of the Moroccan diaspora reached 56.72 billion dirhams (equivalent to 5.7 billion dollars) at the end of June, according to the latest published data. This figure represents an increase of 1.8% compared to the same period last year, as detailed by the Moroccan Bureau de Change on Wednesday 31 August.
According to Morocco World News, last year, remittances from the Moroccan diaspora amounted to approximately 5.6 billion dollars, or 55.3 billion dirhams, in the same period, up from the 4.9 billion dollars previously recorded. In total, remittances reached 11.8 billion dollars last year, making Morocco the second largest recipient of remittances in the Middle East and North Africa (MENA) region, behind only Egypt.
A recent forecast by Morocco's central bank, Bank Al Maghrib, suggests that remittances will grow by 1.9% this year, followed by a more robust 5.3% increase in 2025. According to the bank, remittances will reach an all-time high of 12 billion dollars next year, driven by the expected improvement in the global economic environment.
As diaspora remittances are critical to the Moroccan economy, the Moroccan administration is seeking to further increase the contribution and investment of these funds, especially in the real estate sector. In October 2022, the Minister Delegate for Investment, Mohcine Jazouli, noted that in 2021 only 10% of the money transferred from the diaspora was used for investment.
As part of the direct assistance programme, members of the Moroccan diaspora have registered to benefit from the government's housing initiative. According to official estimates, as of 23 July, Moroccans living abroad have submitted 21% of the applications through the digital platform dedicated to this programme, representing 23% of the beneficiaries.
These figures underline the importance of remittances for the Moroccan economy and reflect the government's ongoing efforts to channel these funds into productive investments that benefit the country as a whole.
