The record level recorded in 2021 for transfers from MREs was achieved in part, thanks to remittances from MREs from France, which ranks first in the ranking of countries providing expatriate transfers, according to the Foreign Exchange Office.
These remittances from migrant workers amount to $605 billion in 2021, an increase of 8.6% compared to the previous year, the World Bank had revealed. With regard to Morocco, these shipments reached 93.7 billion DH against 68.1 billion DH a year earlier, an increase of 37.5%. The average annual growth rate (CAGR) of these revenues over the period 2018-2021 is 13%.
In its annual report on the balance of payments and the overall external position of Morocco for the year 2021, the foreign exchange office indicated that the increase in MRE receipts concerns the majority of the main countries issuing these receipts. By country, France is in the lead with a share of 32.3% of total MRE receipts, followed by Spain (14.2%), Italy (10.7%) and then Arabia Arabia (6.8%), we underline.
Over the past five years, MRE receipts from Spain have achieved the highest CAGR with 23.2%, followed by those from Canada (17.8%) and those from Italy ( 12.6%), adds the same source.