Morocco records strong remittances growth
Moroccan expatriates’ remittances reached 108.67 billion dirhams through November 2024, showing a 2.8% annual increase, according to the latest foreign exchange statistics.
The Office des Changes reports that remittances growth maintains its upward trajectory, marking a substantial 77% increase compared to November 2020 levels of 61.25 billion dirhams. The previous year closed at 115 billion dirhams, reflecting a steady 4% growth in overseas transfers.
Bank Al-Maghrib’s latest projections, released in mid-December, anticipate remittances to grow by 4.3% by year-end 2024, with continued annual growth between 3-3.5% expected to reach 128 billion dirhams by 2026. These figures demonstrate the sustained confidence of Moroccan expatriates in their home country’s economy.
The tourism sector also recorded a strong performance, indicating a robust recovery in Morocco’s hospitality industry, with international visitor spending reaching record levels. However, outbound travel spending by Moroccan nationals has shown equally significant growth, increasing by 20.2% to reach 26.7 billion dirhams compared to the same period in 2023, reflecting increased mobility and economic confidence among domestic travelers.
The dual growth in both remittances and tourism revenues reinforces Morocco’s position as a key regional economic player, with strong ties to its diaspora community and growing appeal as a global tourist destination.
