Remittances from Moroccans abroad to hit record level in 2022

Remittances from Moroccans abroad are expected to hit 11 billion dollars, a record level compared to 9.3 billion last year, the World Bank said in a recent report.

Remittances are key to feeding Morocco’s foreign exchange reserves, which cover around 6 months of import needs, according to the central bank.

Morocco, whose diaspora is mainly living in Europe, ranks second in the MENA region in terms of remittances after Egypt with 32.2 billion.

Up to October this year, remittances rose to 8.4 billion dollars, compared with 7.5 billion the same period last year, according to the foreign exchange regulator.

Morocco also expects record sales of phosphates and derivatives which skyrocketed up to October this year to 100 billion dirhams.