Moroccan Prime Minister Saad-Eddine El Othmani revealed that remittances to Morocco during the year 2020 increased by 5% to reach $7.4 billion (74 billion dirhams), which represents 6.5 percent of the gross domestic product, compared to $6.9 billion (69 billion dirhams) in 2019, the same amount as in 2018.
El Othmani said that the importance of these transfers is clear in supporting the country’s balance of foreign exchange, as transfers during the year 2020 constituted about 20 percent of the foreign exchange reserves, which amounted to nearly 320 billion dirhams (32 billion dollars).
El Othmani confirmed that "the remittances of Moroccans residing abroad amounted to 28.8 billion dirhams ($2.88 billion) during the first four months of 2021, compared to 19.84 billion dirhams ($1.98 billion) during the same period last year, an increase of 45.3 percent compared to the end of April 2020.”
Source (Asharq Al-Awsat Newspaper, Edited)
