Moroccan Diaspora Remittances Hit $4.6 Billion by May

By on July 1, 2024

Remittances from Moroccans residing abroad reached MAD 46.38 ($4.6 billion) as of the end of May, representing a slight increase compared to the same period last year.

Statistics from the Exchange Office said the transfers increased by 2.4% or MAD 1 billion ($100.2 million).

Travel revenues amounted to MAD 9.4 billion ($942.7 million) in May 2024, compared to MAD 8.5 billion ($852.4 million) in May 2023.

For the first five months of 2024, the revenues increased by 1.6%.

Meanwhile, travel spendings reached MAD 2.3 billion ($230.6 million) in May 2024, representing a 10.6% increase compared to the same year.

The expenditures also increased by 22.6% for the first five months of 2024.

A report from the World Bank last month said that Morocco is currently the second largest recipient of remittances in the MENA region after Egypt. Morocco secured the same position in 2023.

Last year, remittances to Morocco increased by 5.2% to $11.8 billion.

Money transfer inflows to Morocco have consistently exceeded foreign direct investment (FDI) flows and constitute a vital part of the Moroccan economy, accounting for 8.2% of the country’s GDP.

In 2023, Morocco generated remittances amounting to MAD 115.15 billion ($11.5 billion).

The number reflects an increase of 4% compared to December 2022.

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