Moroccans residing abroad sent a record 110.7 billion dirhams to their country, which represents a change of around 10.2 billion euros in 2022, representing an increase of 16% compared to the previous year.
With France in the lead followed by Spain
The latest annual report from the public institution Exchange Office, released this Thursday, indicates that this increase is due to the increase in remittances from the main issuing countries, especially France, which contributed almost 500 million euros more than in 2021, a 18% increase.
Likewise, Spain contributed 138 million euros more (11% of the growth); Italy, with 250 million euros more (+26%) and Saudi Arabia, with 148 million euros more (+23.5%). France continues to be the leading country for remittances, with a 32.2% share of the total, followed by Spain (13.4%), Italy (11.5%) and Saudi Arabia (7.6%).
The report highlights that in the last five years, remittances from Canada have registered the highest average annual growth (+28%), followed by Spain (+27.6%) and Italy (+20.3%). ).
A study by the Moroccan central bank Bank al Maghrib and the World Bank highlights that more than 80% of the remittances of emigrants -which constitutes an important source of foreign currency for the country- are destined for relatives and constitute a constant source of income for vulnerable families.
