Remittances from Moroccans Continue to Rise, Increasing by 15 Percent

maryam lahbal
maryam lahbal
1 Min Read

At the end of last May, remittances from Moroccans recorded an increase of 15 percent, compared to the same period last year, according to official data revealed today, Tuesday.

According to the data contained in the monthly report of the Office of Exchange, on indicators of foreign exchange, these transfers stabilized at around 45.1 billion dirhams in the first five months of 2023. The same report stated that remittances from Moroccans around the world have not stopped increasing since the pandemic.

During May 2019, the range stabilized at 26 billion dirhams, and then successively increased in the same period in the years 2020, 2021, and 2022 to 24.1 billion dirhams, 37.42 billion dirhams, and 39.2 billion dirhams respectively.

The same source indicated that the remittances of Moroccans around the world set a new record during the past year, when they jumped to 109.15 billion dirhams, marking an increase of 16.5 percent.

Bank Al-Maghrib expects, according to what it revealed after its board meeting on June 20th, that remittances from Moroccans living abroad will increase by 3.5 percent, to reach 114.7 billion dirhams in 2023.

Maryam Lahbal

Share this Article
Leave a comment