Moroccans abroad send record 115.3 billion dirhams home in 2023

Remittances from Moroccans living abroad (MRE) reached a record level in 2023, standing at 115.3 billion dirhams (MMDH) compared with 110.8 MMDH in 2022, an increase of 4.1%, according to the Foreign Exchange Office.

The average annual growth rate (AAGR) of these revenues over the period 2020-2023 is 19.2%, says the Office in its annual report on Morocco's balance of payments and international investment position.

The increase in MRE revenues is recorded in Saudi Arabia (+47% or +3.9 MMDH), the United Arab Emirates (+24.8% or +1 MMDH), and the United States of America (+11.3% or +0.7 MMDH), the report states.

In terms of share, France remains the leading source country with a 30.8% share of total MRE earnings, followed by Spain (12. 6%), Saudi Arabia (10.7%) and Italy (9.2%).

Over the last five years, MRE receipts from Canada have achieved the highest AAGR at +37%, followed by those from Saudi Arabia (+27.2%) and Spain (+26.2%).