Diaspora Remittances Hit $7.4 Billion in Morocco in 2018

The 2019 Migration and Remittances report from the World Bank has expressed positive expectations on the inflow of remittances from the Moroccan diaspora.

In 2018, according to the report, Morocco received $7.4 billion from its diaspora, equal to 6.2% of the country’s Gross Domestic Product (GDP).

The report found that remittance inflows to North Africa and the Middle East overall experienced ”rapid growth” in 2018.

Egypt ranked highest in remittances, having receiving $28.9 billion from its expatriates, followed by Morocco, Lebanon with $7.2 billion, and Jordan with $4.4 billion. Tunisia and Algeria received only $2 billion and $1.9 billion, respectively.

Throughout the year, the Moroccan diaspora sends or brings home remittances which help the country’s economy.

The North African country receives thousands of returning expatriates for holidays throughout the year.

In 2018, 1,741,212 passengers, 464,977 vehicles, and 4,390 buses transited the Tangier Med port during the Marhaba 2018 operation that annually facilitates the summer influx of Moroccans living abroad (MREs).

In addition to Tangier Med Port, thousands of MREs also choose to fly home for holidays.

In January, Reuters said that remittances from the Moroccan diaspora dropped 1.7%.

The World Bank report also evaluated the cost of sending money between countries within the Middle East and North Africa, emphasizing that “sending money” within the regions “is less expensive than sending money from outside.”

The report found, however, that the fourth highest “cost corridor” in the region was to send money from Israel to Morocco.

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