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Morocco World
3 days ago
- Business
- Morocco World
Morocco's Diaspora Remittances Drop 3.7% By April Compared to Same Period in 2024
Rabat – Latest statistics from the Exchange Office reported that the remittances from the Moroccan diaspora dropped by 3.7%, amounting to a drop of MAD 1.37 billion ($148.25 million) by April compared to the same period last year. The Exchange Office said remittances reached MAD 35.9 billion ($3.88 billion) by the end of April compared to MAD 37.27 billion ($4 billion) over the same period over the same period last year. Money transfers are important for Morocco's economic growth, and King Mohammed VI has also been calling for efforts to facilitate the diaspora's administrative procedures and needs. 'I have decided that mechanisms used in managing the affairs of Moroccans residing abroad should be revisited,' the King said in November of last year. Last year, remittances reached over $11.7 billion, representing an increase of 2.1% compared to 2023. Several reports have highlighted the importance of Morocco as one of the largest recipients of remittances in the Middle East and North Africa region after Egypt. The World Bank described Morocco as the second-largest recipient of remittances following Egypt. This number is expected to rise, with the Bank forecasting an ongoing increase in Morocco-bound remittances in the coming years. Tags: Moroccan Diaspora Remittancesmorocco remittances
Morocco World
01-05-2025
- Business
- Morocco World
Remittances from Moroccans Abroad Decline by 6.2% End of March
Rabat — Remittances from Moroccans living abroad (MREs) reached MAD 26.22 billion ($2.80 billion) by the end of March, compared to MAD 27.96 billion ($3 billion) during the same period last year. Morocco's Exchange Office said the statistics reflect a decrease of MAD 1.74 billion ($187.3 million), or 6.2% year-on-year. Although the statistics show a slight decrease, the number recorded in remittances from MREs does not reflect the country's ambition to see more Moroccans investing or sending their money home. Morocco's government aims to maintain leadership in the MENA region as the country upholds its position as the second-largest recipient of remittances in the region. Total remittances from the Moroccan diaspora worldwide reached $11.7 billion last year, representing a 2.1% increase from 2023. In November last year, Head of Government Aziz Akhannouch said the cabinet is committed to implementing King Mohammed VI's vision for the Moroccan diaspora as outlined in last year's Green March anniversary speech. During the speech, the monarch called for revising and restructuring institutions that manage the affairs of MREs to reinforce their relationship with their homeland. 'I have decided that the mechanisms used in managing the affairs of Moroccans residing abroad should be revisited,' the monarch said in his speech, announcing plans to create two bodies to provide strategic guidance and representation. He also mentioned the desire to focus on executing public policy and consolidating efforts across various stakeholders. Akhannouch, during a meeting following the King's speech, reviewed 'the key points' the monarch made, emphasizing that the government has attentively and thoughtfully embraced the royal directives and mobilized resources to ensure the success of this reform. He also affirmed that the government is 'committed to executing this ambitious Royal Vision with the necessary diligence and urgency.'
Morocco World
30-03-2025
- Business
- Morocco World
Morocco's Tourism Revenues Hit $1.6 Billion in February
Rabat – Morocco's tourism revenues amounted to MAD 15.75 billion or $1.6 billion as of February, new data from Morocco's Exchange Office has shown. The number reflects a growth of 2.8%, an increase of MAD 428 million ($44.4 million) compared to the same period a year earlier. Morocco's tourism stakeholders have been celebrating the strong performance the sector has been generating in the past decade. Earlier this month, the Tourism Ministry said Morocco witnessed nearly 2.7 million arrivals by the end of February. The number shows a 24$ % increase compared to 2024, it explained. February alone saw almost 1.4 million arrivals, marking a 22% increase, or 248,000 more visitors, compared to the same month last year. Last year, the North African country attracted over 17.4 million visitors, marking a 20% increase compared to a year earlier. The number also means Morocco achieved its target two years ahead of the set year. The data from the exchange office further indicated that travel expenses in February amounted to MAD 5 billion, marking a 27.2% increase. The travel surplus exceeded MAD 10.76 billion by the end of this past February, down 5.6% compared to the previous year.
Morocco World
29-03-2025
- Business
- Morocco World
Morocco's Tourism Revenues Hit $4.28 Billion in February
Rabat – Morocco's tourism revenues amounted to MAD 15.75 billion or $4.28 billion as of February, new data from Morocco's Exchange Office has shown. The number reflects a growth of 2.8%, an increase of MAD 428 million ($44.4 million) compared to the same period a year earlier. Morocco's tourism stakeholders have been celebrating the strong performance the sector has been generating in the past decade. Earlier this month, the Tourism Ministry said Morocco witnessed nearly 2.7 million arrivals by the end of February. The number shows a 24$ % increase compared to 2024, it explained. February alone saw almost 1.4 million arrivals, marking a 22% increase, or 248,000 more visitors, compared to the same month last year. Last year, the North African country attracted over 17.4 million visitors, marking a 20% increase compared to a year earlier. The number also means Morocco achieved its target two years ahead of the set year. The data from the exchange office further indicated that travel expenses in February amounted to MAD 5 billion, marking a 27.2% increase. The travel surplus exceeded MAD 10.76 billion by the end of this past February, down 5.6% compared to the previous year.
Morocco World
17-03-2025
- Business
- Morocco World
Spanish Remittances to Morocco Double, Now Second Highest Recipient
Doha – Remittances from Spain to Morocco have nearly doubled over the past decade, positioning Morocco as the second-largest recipient of money transfers from the European country, according to recent data from the Bank of Spain analyzed by The Objective. In 2023, remittances to Morocco reached €1.375 billion, representing 13.1% of total remittances from Spain and 0.09% of Spanish GDP. This marks a staggering leap from ten years ago when transfers to Morocco accounted for only 7.4% of total remittances and 0.04% of Spain's GDP. The surge in remittances correlates with the growing Moroccan community in Spain, which has expanded by 200,000 people in just two years. Moroccans now constitute the largest foreign population in Spain, exceeding one million residents, according to the Spanish National Statistics Institute (INE). Colombia maintains its position as the primary destination for remittances from Spain, receiving 14.7% of total transfers, equivalent to €1.5 billion. The overall remittance outflow from Spain reached €10.7 billion in 2023, accounting for 0.7% of Spanish GDP, showing a 0.5 percentage point increase since the COVID-19 pandemic. The torrent of Spanish remittances propels Morocco's dominance in diaspora transfers. Morocco's Exchange Office reported that total remittances from the Moroccan diaspora worldwide reached MAD 117.7 billion ($11.7 billion) in 2024, marking a 2.1% increase from 2023. The country upholds its position as the second-largest recipient of remittances in the MENA region after Egypt. Additionally, Morocco's foreign direct investments improved significantly, reaching MAD 17.23 billion ($1.7 billion), a 55.4% increase from the previous year. This upward trend continues into 2025, with the Exchange Office reporting that remittances from Moroccans abroad reached MAD 9.45 billion ($950 million) in January alone, slightly higher than the MAD 9.4 billion recorded in the same period last year. The landscape of remittance flows has shifted significantly since 2013 when Ecuadorian, Bolivian, and Romanian residents in Spain transferred more money than Moroccans. Even as recently as pre-pandemic times in 2019, Ecuadorian residents were sending larger amounts. Other notable increases in remittance flows from Spain include Honduras, which has more than doubled its share to 4.9% of total transfers, reaching €520 million, and Pakistan, which has grown from 2% to 4.4% of total remittances. The Bank of Spain notes that while remittances have soared both globally and within Spain, reflecting migration patterns, Spain's remittance-to-GDP ratio historically remains below the international average, despite showing 'notable dynamism.' This growth in remittance flows has attracted new financial service providers. Digital platforms are emerging to facilitate these transfers, indicating an evolving financial landscape for international money transfers from Spain. Tags: Remittances to Morocco
