Remittances from Moroccans abroad represent 20% of Morocco’s total foreign exchange reserves
Money sent by Moroccans living abroad represents 20% of the global foreign exchange reserves held by Morocco, said head of government Saad Eddine El Othmani.
Despite the pandemic, remittances have shown resilience and demonstrated the values of solidarity dear to Moroccans. Total remittances amounted to 7.4 billion dirhams in 2020, up from 6.9 billion dirhams a year earlier, El Othmani told MPs.
Remittances represented 6.5% of Morocco’s GDP in the first four months of this year, standing at 28 billion dirhams compared to 19 billion dirhams in the same period last year, an increase of 45%.
According to forecasts from the Moroccan central bank, in 2021, remittances from Moroccan expatriates are expected to increase by 5.7% to reach more than 71 billion dirhams.
On instructions from King Mohammed VI, the national company and other ferry carriers have offered competitive prices to help members of the Moroccan community abroad to visit their home countries and loved ones this summer.
The royal gesture sparked a series of similar incentives by the hotel industry offering discounts to Moroccans living abroad.
Morocco has a diaspora of around 5 million people residing mainly in Europe, but there is a growing Moroccan community in the Americas and the Gulf.
The influx of hard currency sent by the Moroccan community abroad is vital for Morocco’s foreign exchange reserves as well as for tourism, phosphate sales and car exports.