Moroccan expatriates’ remittances reached 68.13 billion MAD in the first seven months of 2024, marking a 3.3% increase year on year, according to the Office des Changes, Morocco’s foreign exchange regulator.
Compared to just over 37 billion MAD at the end of July 2020, the transfers have surged by nearly 84%. In 2023, total remittances increased by 4% to more than 115 billion MAD.
Bank Al-Maghrib (BAM), Morocco’s central bank expects that this upward trend will continue. The central bank projects a 1.9% increase in remittances this year, reaching 123.7 billion MAD in 2025, an anticipated rise of 5.3%.
Tourist spending abroad totaled 10.2 billion MAD in July 2024, a 7.7% increase from the previous year. For the first seven months of 2024, these receipts amounted to 59.39 billion MAD, up by 3.5%.
Moroccan spending on travel abroad surged by over 32% in July compared to the same month in 2023, reaching 2.54 billion MAD.
This rise in travel expenses reflects a growing preference among Moroccans with means to vacation abroad, driven by price hikes in Morocco during the summer. Total travel spending for the first seven months of 2024 approached 17 billion MAD, marking an increase of nearly 17%.