Casablanca – Remittances from Moroccans living abroad have shown significant growth in recent months, with the latest figures indicating a total of nearly $8.35 billion by the end of August 2024. This marks an increase from approximately $7.02 billion reported at the end of July 2024, reflecting a continuing upward trend in financial support from the diaspora.

According to the Foreign Exchange Office, remittances surged by 3.9% compared to the same period last year, adding approximately $309 million. This increase underscores the vital role that expatriates play in the Moroccan economy, especially as remittances continue to surpass $8.02 billion from the previous year.

In the first eight months of 2024, remittances registered a growth rate of 3.3% compared to the first seven months of 2023, contributing to the overall economic stability of the country. The latest monthly indicators also revealed a decline in the services balance surplus, which dropped by 2.8% to approximately $9.09 billion. This decrease was attributed to a significant rise in service imports, which climbed by 14.3%, outpacing the 5.3% increase in service exports.

Travel revenues have also been noteworthy, reaching $7.87 billion by the end of August 2024, while travel expenditures amounted to approximately $2.05 billion. These figures highlight the ongoing economic contributions of the Moroccan diaspora, reflecting both their financial support and the broader impacts on travel and services within the country.

As remittances continue to play a critical role in Morocco’s economic landscape, their steady growth reinforces the importance of the Moroccan community abroad in sustaining and boosting national economic activity.