Economy

Moroccan Diaspora’s Remittances Hit $10 Billion in October, Bolstering Economic Growth

Monday 02 December 2024 - 10:45

By: Dakir Madiha

Moroccan Diaspora’s Remittances Hit $10 Billion in October, Bolstering Economic Growth

Morocco’s economy continues to benefit from robust remittances sent by its diaspora, with recent data from the country’s Exchange Office revealing that these transfers reached MAD 100.290 billion ($10 billion) by the end of October 2024. This marks a notable increase from MAD 96.51 billion ($9.66 billion) during the same period in 2023, reflecting a 3.9% rise in the amount of money sent home.

The continued growth in remittances highlights the strong financial ties between Morocco and its expatriate community, which is expected to keep flourishing in the coming years. According to a June report by the World Bank, remittances to Morocco surged to a record $11.8 billion in 2023, a 5.2% rise from the previous year. This placed Morocco as the second-largest recipient of remittances in the Middle East and North Africa (MENA) region, after Egypt.

The positive trends in remittances coincide with ongoing efforts by King Mohammed VI to enhance the government’s support for Moroccan expatriates. In November, the king announced reforms aimed at improving institutional assistance for the diaspora, underlining the importance of refining administrative processes and eliminating inefficiencies. The reforms include the creation of two new bodies: the Council of the Moroccan Community Abroad, designed to represent and strategize for the diaspora, and the Mohammadia Foundation for Moroccans Residing Abroad, which will be responsible for executing public policies targeted at the community.

King Mohammed VI has also emphasized the need to involve the diaspora more actively in Morocco’s economic development. Despite the considerable contributions of expatriates, their share of private investment in Morocco currently stands at only 10%, a figure the monarch described as "really not acceptable." With these reforms, the king hopes to increase the engagement of the Moroccan diaspora in the country’s economic activities, further boosting remittances and investments.