A report by the Government Action Observatory confirmed that the distribution and utilization of overseas Moroccans' remittances suffers from major imbalances regarding value creation and investment promotion, noting that the percentage of funds allocated to investment does not exceed 10 percent of total remittances, which are expected to reach 120 billion dirhams in 2024.
Moroccans living abroad sent $11.8 billion back home in 2023. The World Bank said the pace of remittances remained strong, especially following the tragic September 2023 earthquake.
According to the Foreign Exchange Office, remittances sent by Moroccans living abroad rose by 2.2% from January to the end of September 2020, thus resuming the upward trend after having suffered a sharp decline during the period of sanitary confinement. However, according to the World Bank’s projections, remittances to the Kingdom are expected to drop by 5% during the current year.
In 2018, Morocco received $7.4 billion from its nationals living abroad, the World Bank revealed in a report published in April. The survey ranks Morocco among the top remittance recipients in MENA region.
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