Moroccan Expatriate Remittances Surge to 35.42 Billion

Moroccan Expatriate Remittances Surge to 35.42 Billion


RABAT – The Moroccan Bureau of Exchange revealed on Wednesday that remittances from Moroccans living abroad have surged to more than 35.42 billion dirhams by the end of April 2023, reflecting a year-on-year increase of 12.8%.

This marks a substantial rise compared to the same period last year when the figure stood at 31.39 billion dirhams.

According to the bureau’s documentation on the monthly indicators of foreign exchanges for the past April, this increase in remittances translates into an additional 4.03 billion dirhams being pumped into the Moroccan economy compared to April 2022.

The agency also noted a surplus in the balance of service exchanges, which experienced an impressive increase of more than 20.18 billion dirhams. This gain is primarily attributable to a robust rise in exports, which surged by 44%, equivalent to 77.54 billion dirhams. The increase in imports trailed behind, with a rise of 10.9%, equivalent to 35.85 billion dirhams.

This significant uptick in remittances underscores the key role played by Moroccans living abroad in supporting the nation’s economy. Their contributions not only strengthen the Moroccan financial position but also provide a vital source of foreign exchange and liquidity, which, in turn, fuels national development.

The Moroccan Times.