Las remesas de los emigrantes marroquíes aumentan, a pesar de la pandemia
Despite the current pandemic situation, remittances from Moroccan expatriates continue to grow. Among the monthly indicators reported by the Moroccan official news agency, the bureau de change indicated that in July alone, such transfers amounted to some 54 billion dirhams, which translates into six million dollars, compared to 4.1 billion dollars in the same year.
The number of Moroccans living abroad is estimated to be around 5 million, most of them in Europe, of whom around 42% of them transfer money to their relatives.
This figure has ranked as the highest in the last five years as remittances recorded during the 2017 period did not exceed 3.9 billion. On the other hand, remittances during the same months in 2019 decreased slightly to US$4.1 billion.
In this regard, the Central Bank of Morocco expects remittances from Moroccans living abroad to reach around eight billion dollars by the end of this year, compared to around 7.6 billion dollars registered last year.
Earlier, the World Bank said that the financial measures it implemented improved economic conditions in most recipient countries that contributed to the increased flow of remittances.
The remittances sent by this Moroccan community provide an important livelihood for the most disadvantaged and vulnerable families as they are able to meet the growing demand of these families for basic goods in order to achieve and maintain better livelihoods.
Following the latest analysis, the demands of Moroccan economic circles to increase the profitability of expatriate funds have led to the opening of new areas of investment away from the real estate sector, which continues to occupy a large proportion of their current investments in order to maintain the level of GDP growth.
Analysts believe that the new generation of Moroccan immigrants is interested in launching innovative investment projects that can provide them with growth opportunities, provided they receive the necessary support to identify promising projects and establish good partnerships.