Assahafa.com
Morocco’s diaspora continues to keep up their significant contributions to the country’s economy, with reports indicating a notable increase in the remittances sent to Morocco over the past year.
According to the latest data compiled by Morocco’s Office of Foreign Exchange, t diaspora remittances to Morocco amounted to more than MAD 108.67 billion ($10.7 billion) by the end of November 2024.
The number shows a 2.8% increase compared to the end of November 2023, which reached MAD 105.68 billion ($10.47 billion).
The trend is expected to continue, according to several reports that indicate an ongoing upward trajectory for diaspora remittances to the North African country.
In June this year, a report by the World Bank hinted at the potential increase in the amount of Morocco-bound remittances in the coming months and years. The report notably showed that the North African country achieved significant gains from its diaspora payment, which reached $11.8 billion in 2023.
This makes Morocco the second largest recipient of remittances in the MENA region after Egypt.
Over the years, both King Mohammed VI and the Moroccan government have acknowledged that remittances are a key asset and added value to Morocco’s economy.
The recognition has been evidenced by King Mohammed VI’s constant calls to facilitate administrative processes and services for members of the diaspora.
Morocco’s diaspora continues to keep up their significant contributions to the country’s economy, with reports indicating a notable increase in the remittances sent to Morocco over the past year.
According to the latest data compiled by Morocco’s Office of Foreign Exchange, t diaspora remittances to Morocco amounted to more than MAD 108.67 billion ($10.7 billion) by the end of November 2024.
The number shows a 2.8% increase compared to the end of November 2023, which reached MAD 105.68 billion ($10.47 billion).
The trend is expected to continue, according to several reports that indicate an ongoing upward trajectory for diaspora remittances to the North African country.
In June this year, a report by the World Bank hinted at the potential increase in the amount of Morocco-bound remittances in the coming months and years. The report notably showed that the North African country achieved significant gains from its diaspora payment, which reached $11.8 billion in 2023.
This makes Morocco the second largest recipient of remittances in the MENA region after Egypt.
Over the years, both King Mohammed VI and the Moroccan government have acknowledged that remittances are a key asset and added value to Morocco’s economy.
The recognition has been evidenced by King Mohammed VI’s constant calls to facilitate administrative processes and services for members of the diaspora.
“I have decided that mechanisms used in managing the affairs of Moroccans residing abroad should be revisited,” the monarch said in November, when he announced reforms to strengthen institutional support for diaspora members.
MEanwhile, Morocco announced this past July a national campaign to attract its diaspora members to benefit from a direct housing aid program and other services.
The Ministry of National Territorial Planning launched the campaign, including a series of measures to inform diaspora members about the latest projects and programs in the urpan planning and housing sector.
Source: Morocco word news
