LTransfers from MREs are part of an overall upward trend and are essential financial resources for the national economy. Their importance manifests itself on several levels, particularly as a source of foreign exchange and also as a major contributor to investments. They are also of great support to Moroccan families in times of crisis, as was the case during the Covid-19 pandemic. At the end of November 2024, these flows totaled 108.67 billion DH, up 2.8% compared to the same period last year, and should end 2024 at more than 119 billion DH.
In 2023, they had exceeded 115 billion DH, recording annual growth of 4%. Compared to 2020, transfers jumped by more than 77%. But for 2025, the projections are mixed. On the one hand, there are real beginnings of consolidation of economic recovery in the main host countries. And on the other, several factors could impact MREs, such as the uncertainties hovering over the economies of European countries, but also Brussels’ restrictions on money transfers.
Economic problems in Europe
Regarding economic forecasts, it must be said that Brussels displays measured optimism. After a long period of stagnation and a slowdown in 2023, the inflation rate is already on a downward trend. For its part, the EU economy should experience gradual growth in 2025. The job market would also be favored by the economic recovery. In detail, the indicators are mixed depending on the country. In France, which hosts the largest Moroccan community abroad with more than 1.13 million people, or 21% of the total MRE, the situation is not looking good.
-The government, which forecast growth of 1.2% in 2025, was forced to revise this figure downward to establish it at 0.9%. On the other hand, in Spain which brings together nearly 921,000 Moroccans (second Moroccan community abroad), the forecasts are rather favorable. The government forecasts a growth rate of 2.2% and a falling unemployment rate estimated at 10.7%. As for Italy, where 399,000 Moroccans reside, the Central Bank of this country has slightly lowered its growth forecast to 0.7% compared to 0.8% previously.
“MREs have always shown a strong attachment to the motherland. The new generations also maintain a close link with their country of origin unlike diasporas from other countries. Even in times of crisis such as during the pandemic, they showed unparalleled solidarity. Since that date, their transfers have continued to increase. But in recent years, progress has been slow. The main host countries, particularly France, Spain, Italy, Belgium and Holland, are experiencing some economic problems which have increased unemployment. International geopolitical tensions, such as the war in Ukraine or Trump’s threats to impose sanctions against the European Union, risk weighing on their economies. Despite these constraints, transfers from MREs should maintain their growth, or at least stagnate,” says Mohamed Amrani, professor of economics at Hassan II University in Casablanca.
Regarding European restrictions on money transfers from foreign banks established in the EU territory, he notes that “the Brussels directive mainly targets British banks. This provision will have very little impact on MREs, because they send money mainly through specialized organizations and not banks.
