Euro under a magnifying glass. Photo credit: Markus Winkler
Covid crisis has not slowed down money transfers from EU to Morocco
While Europeans have been struggling with the economic downturn, remittances from Moroccans living in the EU increased by 2,2 percent at the end of September for an amount estimated at nearly 50 billion dirham, according to the Foreign Exchange Office.
Published: November 10, 2020, 8:28 am
Rabat
The Foreign Exchange Office estimated this increase at 1 billion dirham compared to the end of September 2019 when transfers amounted to 49,5 billion. According to the same source, transfers from Moroccans living abroad during the period from January to September 2020 greatly exceeded the transfers of the past four years.
According to Bank Al-Maghrib, community fund transfers were at nearly 5 percent, reaching 6,5 billion dirham. The increase in these transfers comes at a time when economic indicators showed a significant decline because of the global health crisis due to the Coronavirus.
After Egypt, Morocco ranks second in the Middle East and North Africa (MENA) region in terms of receiving remittances from their countrymen living abroad. These remittances not only aid Moroccan families but are an important source of support for the exchange rate, ensuring the acquisition of goods and services required abroad.
In 2019, Moroccans living abroad sent nearly 6,7 billion dollars to their families, for an estimated amount of 66 billion dirhams, or 5,6 percent of GDP.
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