Moroccans residing abroad (MRE) have sent home a record amount in 2023, with remittances reaching 115.3 billion dirhams (MMDH), compared to 110.8 MMDH in 2022, marking a 4.1% increase, according to the Office des Changes.
The average annual growth rate (AAGR) of these remittances over the period from 2020 to 2023 stands at 19.2%, as noted in the Office’s annual report on Morocco’s balance of payments and global external position.
The increase in MRE receipts is particularly notable from certain key host countries. Saudi Arabia saw a significant rise of 47% (+3.9 MMDH), the United Arab Emirates increased by 24.8% (+1 MMDH), and the United States grew by 11.3% (+0.7 MMDH), according to the report.
France remains the largest source of these remittances, accounting for 30.8% of the total, followed by Spain (12.6%), Saudi Arabia (10.7%), and Italy (9.2%).
Over the past five years, remittances from Canada have shown the highest AAGR at 37%, followed by Saudi Arabia at 27.2% and Spain at 26.2%.
