Remittances from Moroccan expatriates hit a record 115.3 Bln MAD in 2023, up from 110.8 Bln MAD the previous year, according to Morocco’s Foreign Exchange Office.
These remittances grew at an average annual rate of 19.2% between 2020 and 2023, according to the Office’s annual report on Morocco’s balance of payments and international investment.
This upward trend was driven by more important remittances from the main host countries, namely Saudi Arabia with +3.9 Bln MAD (+47%), the United Arab Emirates with more than one Bln MAD (+24.8%) and the USA with over 700 Mln MAD (+11.3%), the report added.
In terms of share, France is the primary source country, accounting for 30.8% of total remittances, followed by Spain (12.6%), Saudi Arabia (10.7%), and Italy (9.2%).
Over the previous five years, remittances from Canada have grown at the fastest pace (+37%), followed by Saudi Arabia (+27.2%) and Spain (+26.2%).