Rabat: Remittances from Moroccan expatriates reached a record level of 119 billion MAD in 2024. These remittances recorded an average annual growth rate of 5.7% over the period 2021-2024, the Office noted in its recently published report “Balance of Payments and Morocco’s International Investment Position” for the year 2024.

According to Agence Marocaine De Presse, the report also shows that the balance of private current transfer income rose from 128.4 billion MAD in 2023 to 133.5 billion MAD in 2024. This increase results from a 4.5% rise in receipts, partially offset by higher expenditures, which increased by 19.2%.

The growth in receipts mainly stems from the increase in remittances from Moroccan expatriates, which rose by 3.8 billion MAD and remain the main component of private current transfers. As for public current transfer income, it posted a surplus that improved by 1.2 billion MAD to reach 3.6 billion MAD in 2024. This development is mainly attributable to a 35.4% increase in receipts.