Moroccans Living Abroad Remittances in Reaches Over $7 billion

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Remittances of millions of Moroccans living abroad contributed a lot to the country’sMoroccans Living Abroad Remittances in Reaches Over $7 billion economy from 23 billion dirhams in 2005; remittances reached billions of dollars up to date. Therefore, Moroccans living abroad fund 8% of the GDP. Their transfers total up to 40% of the value of exports and absorb 80% of the trade deficit.
According to the Exchange Office, the remittances of Moroccans Living Abroad, (les Marocains Résidant à l’Etranger MRE) have reached MAD 58.4 billion by the end of 2013.
For their part, travel revenues have also remained stable at MAD 57.6 billion at the end of 2013 compared to MAD 57.8 billion, said the Exchange Office, which has just published the preliminary indicators of foreign trade for the year 2013.
At the same time, it added that the travel expenses were up by 1.9% from MAD 10.81 billion by the end of December 2012 to MAD 11.02 billion in 2013.
According to statistics disclosed by Moroccan Custom Services, around 101,206 Moroccans living abroad have transited the various checkpoints in northeast Morocco in the summer of 2013.
Morocco’s central bank had MAD 150.6bn (USD 18.3bn) worth of net FX reserves as of December 27, marking a 3.2% m/m increase and covering roughly four months of imports, the central bank said. In annual terms, net FX reserves grew 4.0% y/y in December, up from 3.7% the month before.
Morocco’s external position improved in the second half of the year amid strong tourism activity, which boosted proceeds, lower energy imports and strong remittances from the Moroccan diaspora.