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Economy

Moroccan Expat Remittances Surge to $11.5 Billion in 2023

Monday 05 February 2024 - 14:11

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In 2023, remittances from Moroccan expatriates reached an all-time high of nearly 115.15 billion Moroccan dirhams ($11.5 billion), as reported by the country's Foreign Exchange Office. This figure marks a notable 4% increase compared to the previous year, underscoring the robust economic ties between Morocco and its diaspora despite global uncertainties.

The consistent rise in remittances over the past few years reflects the enduring support provided by Moroccans abroad to their families and investments back home. This financial lifeline has been particularly crucial amid the challenges faced by Morocco's tourism sector due to the ongoing pandemic.

The driving force behind this upward trend is the employment of Moroccan citizens in high-skilled positions across countries such as France, Italy, and Spain, who then channel a significant portion of their earnings back to Morocco. These remittances significantly outweigh Morocco's payments to expatriate workers, thereby contributing to a surplus in the overall balance of trade in services.

Officials have attributed the resilient influx of remittances, coupled with robust growth in service exports, to a notable 16% increase in the trade surplus last year. Against the backdrop of economic uncertainty in Morocco's European counterparts, authorities are optimistic that the continued support from expatriates to their families in Morocco will further bolster economic growth.