Moroccans living in France, Spain, and Italy ranked first in sending remittances to their families in Morocco last year. The Moroccan diaspora’s transfers set a new record at 110.7 billion dirhams, marking a 16 percent increase from the previous year’s 95.5 billion dirhams.
Over the 2019-2022 period, remittances grew at an average annual rate of 19.4 percent, with France leading at 17.9 percent, followed by Spain (10.9%), Italy (26.2%), and Saudi Arabia (23.5%).
According to the Office des Changes’ annual report on Morocco’s external position, France contributed the most to remittances, accounting for 32.2 percent of total inflows, followed by Spain (13.4%), Italy (11.5%), and Saudi Arabia (7.6%).
Remittances from other countries included the UAE (3.6%), Canada (2.1%), Qatar (1.5%), Belgium (3.8%), the United States (6%), Germany (4%), and Russia (1.4%).
The report highlighted Canada’s remarkable 28 percent increase in remittances over the past five years, followed by Spain (27.6%) and Italy (20.3%).
These remittances, along with tourism and export earnings, contribute to Morocco’s foreign currency balance, which reached 341 billion dirhams by July 28, ensuring over five months’ worth of imports.