Moroccan Expat Remittances Reach Record 119 Billion MAD in 2024
In 2024, remittances from Moroccan expatriates surged to an all-time high of 119 billion dirhams (MAD), marking a 3.3% increase from the previous year, as reported by the Foreign Exchange Office.
The Office’s 2024 report, titled "Balance of Payments and Morocco’s International Investment Position," highlights that these remittances have achieved an average annual growth rate of 5.7% from 2021 to 2024.
The report further details a rise in the balance of private current transfer income, which grew from 128.4 billion MAD in 2023 to 133.5 billion MAD in 2024. This uptick is driven by a 4.5% increase in receipts, though tempered by a 19.2% rise in expenditures.
The primary driver of the increased receipts is the 3.8 billion MAD growth in remittances from Moroccan expatriates, which constitute the largest share of private current transfers.
Additionally, public current transfer income recorded a surplus, improving by 1.2 billion MAD to reach 3.6 billion MAD in 2024, largely due to a 35.4% increase in receipts.
The Office’s 2024 report, titled "Balance of Payments and Morocco’s International Investment Position," highlights that these remittances have achieved an average annual growth rate of 5.7% from 2021 to 2024.
The report further details a rise in the balance of private current transfer income, which grew from 128.4 billion MAD in 2023 to 133.5 billion MAD in 2024. This uptick is driven by a 4.5% increase in receipts, though tempered by a 19.2% rise in expenditures.
The primary driver of the increased receipts is the 3.8 billion MAD growth in remittances from Moroccan expatriates, which constitute the largest share of private current transfers.
Additionally, public current transfer income recorded a surplus, improving by 1.2 billion MAD to reach 3.6 billion MAD in 2024, largely due to a 35.4% increase in receipts.
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