Despite the decline in the financials transfers of the Moroccans abroad ( MRE)due to the economic crisis, these transfers contributed to “maintain the financial balance of Morocco during the Year 2013” according to a Memorandum issued by the World Bank on the monitoring role of migrant remittances in the economic growth of their countries of origin.
The World Bank has predicted that the volume of remittances from migrants to their countries of origin will hit the 435 billion dollars’ mark this year, making it the highest increase amounted to 5 per cent, and Morocco will be among the countries that will benefit from this increase, albeit to a lesser extent, after bank transfers of MRE have fallen over the past year; the expected volume of remittances from Moroccans of the world amounts to more than 60 billion MAD this year, according to projections.
The figures show that the value of remittances towards the countries of North Africa and the Sahel region amounted to 32 billion MAD during this year, and will reach 33 billion MAD over the next year. As to the most important countries benefiting from these transfers, Morocco placed third at the African level behind each of Nigeria (200 billion MAD), Egypt (180 billion MAD).
The world Bank foresees that there will be higher remittances of Moroccan immigrants to their country of origin as of next year, stressing the important role played by these remittances in the development of the Moroccan economy, “These remittances are an important source that provide Morocco with a subsequent reserve of hard currency, they also contribute to maintaining the stability of the balance of payments, especially in a period of economic crisis”
But these positive indicators, did not prevent the World Bank from noting that the crisis in which “the old continent” is entangled , has affected migrant remittances towards the countries of the Middle East and North Africa, which limits the rate of rise of these remittances .This will affect essentially three countries, namely Egypt, Libya and Morocco, the latter witnessing a 2.9 increase in the proportion of remittances during this year, expected to keep on rising, up to 4 per cent next year.
With Hespress
