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Join on Telegram Rabat – The inflow of remittances sent by diaspora members to Morocco reached MAD 56.72 billion ($5.7 billion) by the end of June, new data indicate.
On Wednesday, the Moroccan Exchange Office released statistics detailing that this number represents a 1.8% increase as of June compared to the same period last year.
Notably, Morocco’s diaspora remittances reached approximately $5.6 billion, or MAD 55.3 billion in the same period last year. The number represented an increase compared to $4.9 billion recorded a year earlier.
Diaspora remittances reached $11.8 billion last year, making the country the second largest recipient of remittances in the Middle East and North Africa (MENA) region after Egypt.
A recent forecast from Morocco’s central bank, Bank Al Maghrib, suggested that remittances are expected to grow by 1.9% this year, followed by a more robust 5.3% increase in 2025.
Remittances will reach a historic $12 billion record next year, the bank said, stressing that this momentum is in tandem with projections of the expected overall improvement in the global economic environment.
Read also: Throne Day Special: King Mohammed VI’s Efforts to Empower Diaspora
As transfers from the diaspora are key to Morocco’s economy, the country’s government seeks to further strengthen the diaspora’s contribution and investments in the North African country, particularly in real estate.
In October 2022, Delegate Minister for Investments Mohcine Jazouli said that only 10% of money transferred from the diaspora went to investment in 2021.
As part of the direct aid program, members of the Moroccan diaspora have also been registering to benefit from the government’s housing initiative.
According to official estimates, Moroccans residing abroad account for 21% of the applications recorded via a digital platform dedicated to the direct housing aid program and 23% of the benefits as of July 23.
