Remittances from Moroccan expatriates jumped to $10.7 billion at the end of last year, recording an unprecedented level in the history of these remittances, which reflected the expectations of local and international financial institutions that had been anticipating their decline.
The Central Bank bet on transfers at the end of last year amounting to 10.2 billion dollars, while the World Bank expected revenues from expatriates up to 9.3 billion dollars.
The number of Moroccan expatriates is estimated at about 5 million people, 85 percent of whom reside in Europe, especially in France, which hosts about 1.5 million expatriates, while the rest is distributed between the United States, Canada and Arab countries. These remittances come from 35.7% of expatriates residing in France, while those from Spain, Italy, the United States, Belgium, Germany, the Netherlands, the United Kingdom, Switzerland and Canada make up 43%, and Saudi Arabia, Qatar and Kuwait make up 15.8 percent.
Remittances contribute to supporting the internal consumption provided by families, which is crucial to economic growth. These remittances also support Morocco’s balance of foreign currency, after the decline in tourism due to the Corona pandemic, as these remittances represent 30 percent of the total balance of about $35 billion.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
