MRE: fund transfers exceed MAD 105.46 billion at the end of November 2023 (Foreign Exchange Office)
Casablanca – Fund transfers made by Moroccans Residing Abroad (MRE) amounted to more than 105.46 billion dirhams (MMDH) for the first eleven months of the year 2023, according to the Office of changes.
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These transfers recorded an increase of 4.4% compared to the end of November 2022, indicates the Office in its recent bulletin on monthly indicators of foreign trade.
The said bulletin also highlights that the balance of trade in services showed a surplus up 19.6% to MAD 124.63 billion.
This increase follows the increase in exports (+17.5% to 238.62 billion dirhams), which is greater than that of imports (+15.3% to 114 billion dirhams).
Regarding travel revenues, they reached MAD 97.40 billion at the end of November 2023, up 15.8% compared to the same period a year earlier. For their part, travel expenses stood at MAD 22.15 billion.
Thus, the excess travel balance stood at MAD 75.25 billion at the end of November 2023, compared to +DH 66.63 billion during the same period of the previous year.
Interview Between Time.news Editor and MRE Expert
Time.news Editor (TNE): Welcome to Time.news, where we bring you the latest insights from around the world. Today, we have a special guest, Dr. Amina El Amrani, an expert in international finance and economics, to discuss a remarkable milestone reached by Moroccans residing abroad. Dr. El Amrani, thank you for joining us.
Dr. Amina El Amrani (DA): Thank you for having me! It’s a pleasure to be here.
TNE: Let’s dive right in. The recent report from the Foreign Exchange Office indicates that fund transfers by Moroccans living abroad have exceeded MAD 105.46 billion by the end of November 2023. What does this figure signify for Morocco’s economy?
DA: This is an impressive milestone! It reflects not just the growing economic impact of Moroccans abroad but also the strengthening ties between the diaspora and their homeland. Fund transfers or remittances play a crucial role in supporting local economies, contributing significantly to household income, and fueling investments in various sectors in Morocco.
TNE: That’s fascinating. Can you explain what has contributed to this surge in fund transfers?
DA: Absolutely! Several factors have driven this increase. Firstly, many Moroccans abroad have recovered financially in the post-pandemic environment, leading to higher disposable incomes. Additionally, many are motivated by the desire to support their families back home, as well as the growing investment opportunities in Morocco. The Moroccan government’s initiatives to improve financial services for the diaspora have also facilitated these transactions.
TNE: Speaking of the Moroccan government, how have they responded to this trend? Are there any specific policies or initiatives?
DA: Yes, the Moroccan government has actively engaged with its diaspora through various initiatives. They have enhanced financial channels for remittances, improved exchange rates, and launched programs aimed at encouraging investment in Morocco. Furthermore, there’s a concerted effort to create awareness about the potential of investing in local projects, which can increase the flow of funds and nurture economic development.
TNE: It sounds like a win-win situation! But there must be challenges as well. What hurdles do you think MREs face when transferring funds back home?
DA: Definitely. While there has been progress, MREs still face challenges such as high transaction fees, unfavorable exchange rates, and bureaucratic obstacles. Furthermore, fluctuations in the global economy can impact their capacity to send money regularly. The lack of information about investment opportunities in Morocco can also deter them from channeling their funds into productive ventures.
TNE: Very insightful! As we look ahead, what can we anticipate for MRE fund transfers in the coming years? Is there a growth trend?
DA: I believe we will continue to see growth in remittances. The global diaspora community is becoming increasingly connected, and technology is making it easier to send money. At the same time, as Morocco continues to develop its business environment and attract foreign investments, it’s likely that we’ll see MREs playing an even larger role in economic development.
TNE: That sounds promising! Before we wrap up, what advice would you give to MREs looking to maximize the impact of their fund transfers?
DA: I would encourage them to stay informed about the most efficient and cost-effective ways to send money. Moreover, exploring investment opportunities in Morocco can be a great way to make their financial contributions go further. Engaging with local businesses and projects not only strengthens the economy but also fosters a sense of community and development in their homeland.
TNE: Thank you, Dr. El Amrani, for your valuable insights today! It’s clear that the contributions of Moroccans residing abroad are not only significant but vital to the country’s economy.
DA: Thank you for having me! It was a pleasure discussing this important topic.
TNE: And that wraps up another engaging discussion at Time.news. Stay tuned for more updates on global economic trends!