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Rabat – Remittances from the Moroccan diaspora continue to show strong momentum, offering a significant boost to the country’s economy.
Data from the country’s Exchange Office said remittances sent by Moroccans residing abroad reached MAD 100.290 billion ($10 billion) at the end of this past October.
The number marked an increase from MAD 96.51 billion ($9.66 billion) at the end of October 2023, representing a 3.9% rise in the amount transferred.
This positive trend in remittances is expected to continue as several reports indicate a sustained upward trajectory for financial transfers to Morocco.
A report from the World Bank in June said Morocco has been achieving significant gains from its diaspora payments, which reached a record high $11.8 billion last year.
The number marks a 5.2% increase from the previous year, making Morocco the second largest recipient of remittance in the MENA region after Egypt.
The positive trends come amid King Mohammed VI’s frequent calls to facilitate the government’s role in efficient administrative processes and services for members of the diaspora.
In November, King Mohammed VI announced reforms to strengthen institutional support for the diaspora.
“I have decided that mechanisms used in managing the affairs of Moroccans residing abroad should be revisited,” the monarch said, calling for an overhaul to eliminate overlaps and streamline operations.
The plan includes the establishment of two bodies dedicated to diaspora affairs.
These include the Council of the Moroccan Community Abroad, which will act as a platform for community representation and strategic planning, as well as the Mohammadia Foundation for Moroccans Residing Abroad, a body that will be responsible for executing public policy in this domain.
The monarch also expressed the need for diaspora involvement in economic activities, pointing out that expatriate investment accounts for only 10% of private investment in Morocco.
“That the contribution of our expatriate community to private investment should stand at a mere 10% is really not acceptable,” he remarked.
