Remittances from Morocco’s diaspora reached MAD 47.04 billion, or $4.56 billion during the first half of 2022.
According to new data from Morocco’s Foreign Exchange Office, the number represents an increase of 6.1% compared to the same period in 2021, when remittances amounted to MAD 44.33 billion.
Compared to 2018, money transfers from diaspora members increased by more than MAD 15 billion.
The number of Moroccans residing abroad is estimated at over 5 million people. Data from the website Statista said that money transfers to Morocco from its diaspora covered around 5.8% of the country’s GDP in 2020.
A study by the Union of Arab Banks showed Morocco among the top ten countries in the Arab world in terms of remittances received in 2020.
ALSO READ: Morocco’s Phosphate Sales Reach $5.57 Billion in June
The ten countries, which include Egypt, Tunisia, and Lebanon among others received remittances estimated at $45.9 billion. The number represented 5.7% of their GDP.
Around 10% of money transfers from Moroccans residing abroad were channeled into investment in 2021.
In addition to remittances, the foreign exchange also shared data on trade. The data showed that Morocco’s trade deficit has grown by 48.7%, with an increase in imports (44.2%) and exports (41.2%).
The flow of foreign investment (FDI) also increased by 89% to reach MAD 16.2 billion by the end of June.
Source: Morocco World News
