Morocco’s diaspora remittances inflow beat Central Bank projection for 2021, rising to an unprecedented 100 billion dirhams last year, up 30 percent compared to 2020, said Mohcine Jazouli, minister delegate in charge of investments.
Ten percent of these transfers are directed to investment, of which 8 billion dirhams went to real estate and about 2 billion dirhams to productive sectors.
The minister said future ambitions aim to raise transfer to 20 percent or 30 percent in the coming years.
The Moroccan diaspora, estimated at about 5 million, with the largest group concentrated in the European Union countries, Gulf countries, and America, contribute annually to remittances that support Morocco’s balance of hard currency.
Bank Al-Maghrib had predicted remittances to be lower than the rate achieved due to Covid-19 measures that halted travel into the country.
The World Bank had expected the transactions made by the Moroccan community living abroad to reach about USD9.3 billion, equivalent to MAD85 billion
Even though most Moroccan expatriates live in Europe, America tops the list of countries with a high rate of transactions with 14%, followed by Saudi Arabia with 12%, and then France with 10%.
The report stated that Morocco is Europe’s largest provider of immigrants, as France hosts 1.5 million Moroccans, ahead of Spain with about 850,000 Moroccans, out of a total community of nearly 5 million people.
The World Bank’s data indicated that transactions to developing countries in the Middle East and North Africa will grow by an estimated 9.7% in 2021, reaching about USD62 billion.
Morocco is the second country in the Middle East and North Africa region in terms of receiving remittances from its expatriate community after Egypt.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.