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Morocco’s diaspora remittances reached USD 10.65 billion as of November, the number represents a 4.4% increase compared to the same period last year. The World Bank expects remittances from the Moroccan diaspora to reach $12.1 billion by the end of this year.
Morocco’s diaspora remittances reached USD 10.65 billion as of November, the number represents a 4.4% increase compared to the same period last year. The World Bank expects remittances from the Moroccan diaspora to reach USD 12.1 billion by the end of this year.
Diaspora remittances contribute to supporting Morocco’s hard currency reserves, which Morocco’s central bank expects to reach USD 36.4 billion, the report noted. Last year, remittances from Moroccans residing abroad set a new record, reaching USD 11 billion. The number represented an increase of 16.5% compared to the same period last year. The Moroccan central bank is expecting Morocco’s diaspora remittances to surge to USD 11.40 billion by the end of 2023.
The World Bank also shared a positive overview, anticipating an 8.6% increase in remittances from Moroccans living abroad. In addition, the bank said it expects the remittances to reach USD 12.1 billion this year.
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The increase in remittances, coupled with international aid, is poised to aid in offsetting the aftermath of natural disasters. According to the World Bank report, the remittances would play a significant role in mitigating reconstruction costs and fortifying Morocco’s external financial stability.
The Middle East and North Africa (MENA) region is witnessing an overall decline in remittances, but Morocco emerges as an exception.
