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Remittances From Moroccans Abroad Reached $660 Million In January

03 Mar 2021

Rabat – Remittances from Moroccans residing abroad (MREs) have grown to nearly $660 million (MAD 5.9 billion) in January 2021.

According to the Moroccan Foreign Exchange Office, the fund transfers for January 2021 increased by 8.8% compared to those of January 2020, which reached $604 million (MAD 5.4 billion). Since remittances began to be recorded, they have shown a general upwards growth. Compared to January 2016, when Morocco received $514 million (MAD 4.6 billion), remittances have increased by approximately 28.3%.

Projections published by the Central Bank, remittances from MREs will increase by 6.3% in 2021 and by 2% in 2022.

According to Mohamed Benchaaboun, minister of economy, finance and administrative reform, approximately 10% of all money transfers from Moroccans abroad in 2020 were directed towards investment. Of this sum, nearly 75% went into property and real estate.

Speaking at the “Economic recovery of Morocco” seminar in February, Benchaaboun noted that MREs should utilize their “network of connections, trade and technology,” for the benefit of the country.

The minister also noted the government’s efforts to encourage investment, citing the reform of the Regional Investment Centers as one of the success stories. The reforms reduced the processing time of investment projects to no more than one month, according to Benchaaboun.

Considering that 17% of the Moroccan expatriates hold graduate degrees or have received higher-level training, investment from MREs could be utilized in a much more efficient way, especially in the context of post-COVID-19 economic recovery.

In November 2020, the minister delegate in charge of Moroccans Residing Abroad (MREs), Nezha El Ouafi presented a program that seeks to mobilize 10,000 Moroccan executives residing abroad by 2030, for the benefit of the North African country.

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