Morocco’s Diaspora Remittances Reach Over $2.7 Billion in March


The data shows a slight decrease compared to the same period last year, when Moroccan diaspora remittances amounted to MAD 27.55 billion.

Morocco’s Exchange Office stated that the decrease is estimated at 0.4%.

Travel receipts amounted to MAD 23.72 billion at the end of March 2024 compared to MAD 24.99 billion. Travel expenses, meanwhile, amounted to MAD 7.73 billion.

Last year, remittances from Morocco's diaspora reached MAD  115.15 billion ($11.5 billion). The number reflects an increase of 4% compared to December 2022.

Along with tourism, foreign investments, and exports, remittances from Moroccans  abroad highly contribute to Morocco’s economy, according to the country’s central bank; Bank Al Maghrib.

Minister Delegate of Investments Mohcine Jazouli has emphasized the importance of remittances from Morocco’s diaspora,encouraging Moroccans residing abroad to invest more in Morocco.

Jazouli emphasized that only 10% of money transferred to Morocco has gone to investments in 2021.

King Mohammed VI has frequently called on the government to improve the business climate for MREs.

He has also asked Moroccan diaspora members to capitalize on their country’s investment opportunities.

“I call once again on Moroccan youth and on project holders residing abroad to make the most of the numerous investment opportunities in Morocco, as well as the incentives and guarantees offered by the new investment charter,” the King said in 2022.