Remittances from Moroccans living abroad (MREs) reached a record 119 billion dirhams (MMDH) in 2024, representing a 3.3% increase compared to the previous year, according to the Office des Changes. Between 2021 and 2024, these transfers recorded an average annual growth rate of 5.7%, the Office noted in its newly published report on Morocco's Balance of Payments and Global External Position for 2024. The report further highlights that the balance of private current transfers rose from 128.4 MMDH in 2023 to 133.5 MMDH in 2024. This growth was driven by a 4.5% rise in revenues, partly offset by a 19.2% increase in expenses. The rise in revenues was largely fueled by MRE remittances, which increased by 3.8 MMDH and remain the main component of private transfers. Public current transfers also improved, with the surplus climbing to 3.6 MMDH in 2024, up by 1.2 MMDH year-on-year. This performance was mainly supported by a sharp 35.4% rise in revenues.
