Rabat - Morocco’s diaspora remittances reached MAD 105.4 billion, or $10.65 billion as of November, new data from the Exchange Office said today.

The number represents a 4.4% increase compared to the same period last year, the new data said.

Diaspora remittances contribute to supporting Morocco’s hard currency reserves, which  Morocco’s central bank expects to reach MAD 360.9 or $36.4 billion, the report noted.

Last year, remittances from Moroccans residing abroad set a new record, reaching MAD 109.15 billion ($11 billion). The number represented an increase of 16.5% compared to the same period of last year.

The Moroccan central bank is expecting Morocco’s diaspora remittances to surge to MAD 112.8  ($11.40 billion) billion by the end of 2023.

The World Bank also shared a positive overview, anticipating a 8.6% increase in remittances from Moroccans living abroad.

In addition, the bank said it expects the remittances to reach $12.1 billion this year.

The increase in remittances, coupled with international aid, is poised to aid in offsetting the aftermath of natural disasters, a recent World Bank report found. 

According to the report, the remittances would play a significant role in mitigating reconstruction costs and fortifying Morocco’s external financial stability. 

The Middle East and North Africa (MENA) region is witnessing an overall decline in remittances, but Morocco emerges as an exception, the report stressed.