Remittances from Moroccans residing abroad (MRE) reached 108.67 billion dirhams (MMDH) at the end of November 2024, marking an increase of 2.8% compared to the same period in 2023. These figures, published by the Office of Foreign Exchange, confirm the trend observed in recent years.
Thanks to money transfers made by Moroccans residing abroad (MRE), Morocco is among the main recipients of remittances in Africa. Moreover, the kingdom ranks in the global top 20.
Bad news for Moroccans abroad (MRE)! The European Union wants to tighten the screws on money transfers to Morocco . The Moroccan authorities are currently in full discussion with many countries, but these are proving difficult.
Money transfers made by Moroccans residing abroad (MREs) not only contribute significantly to Morocco’s GDP, but also represent a real safety valve for families.
Despite their continuous increase, the transfers of Moroccans residing abroad (MREs) do not contribute to the economic growth of Morocco, reveals a recent government report, noting that the share of these funds dedicated to investment remains insignificant.
A recent report from the Al Hayat Center highlights the significant contribution of Moroccans residing abroad (MREs) to the development of their country of origin. However, the latter continue to face difficulties that limit their initiatives.
Moroccan banks present in Europe are facing new challenges with the announced implementation of a European directive aimed at putting an end to the transfer of funds by foreigners to their countries of origin, including Moroccans in the diaspora .
The European Union wants to put an end to the transfer of funds from Moroccans living in Europe to their country of origin through Moroccan banks present on the continent.
Moroccans residing abroad (MREs) sent 91.52 billion dirhams (MMDH) to Morocco between January and September 2024.
The European directive on foreign banks operating in the European Union (EU) is worrying Moroccan authorities and banks, who fear a drastic drop in transfers of Moroccans residing abroad (MRE) due to this measure. Negotiations are ongoing between Moroccan authorities and stakeholders in the EU for a harmonious application of the regulations.
Since 2003, Morocco has celebrated August 10th as the National Migrants’ Day. Instituted by King Mohammed VI, it provides an opportunity to highlight the contribution of Moroccans residing abroad (MREs) to the economic, social and cultural development of the kingdom.
In 2023, remittances from Moroccans living abroad reached $11.8 billion, an increase of 5.2% compared to the previous year. This figure positions Morocco as the second largest recipient of remittances in the MENA region, behind Egypt.