Remittances from the Moroccan diaspora residing abroad have reached an all-time high, according to the latest data released by the Office of Foreign Exchange.
These transfers totaled MAD 100.29 billion by the end of October 2024, marking a 3.9% increase compared to the same period last year.
This surge in remittances, amounting to an additional MAD 3.78 billion, shows the growing financial contributions of Morocco’s diaspora.
The funds sent home by Moroccans living abroad have played a crucial role in supporting the national economy, providing much-needed foreign exchange reserves, and stimulating domestic consumption.
Mohammed Jedri, an economic expert, told Hespress Ar that the remittances from Moroccans worldwide have experienced a significant upward trend, rising from MAD 60 billion in 2019 to an unprecedented level of over MAD 100 billion by October of this year.
“This figure is expected to exceed MAD 120 billion by the end of the year,” Jedri told Hespress.
The expert said that this record-breaking amount is of paramount importance as it provides Morocco with substantial foreign exchange reserves, allowing the country to cover its imports and contribute to financing the national economy.
Jedri explained that these funds are primarily used for family support, as many Moroccan households rely on remittances as their main source of income.
However, a portion of these funds is also channeled into bank deposits and savings, while another part is invested in creating wealth and generating new job opportunities.
The economist noted that the share of productive investments remains relatively low, accounting for less than 10% of the total remittances.
To capitalize on the potential of these investments, Jedri urged the government to implement measures that encourage Moroccan expatriates to increase their investments within the country.
The economist stressed the importance of directing these investments towards non-traditional sectors, such as those that can create more jobs and generate higher value-added.
Currently, a significant portion of these investments is concentrated in real estate, cafes, and restaurants.
The post Moroccan diaspora remittances reach new record-high appeared first on HESPRESS English – Morocco News.
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