Morocco’s Foreign Exchange Office
According to the latest records issued by Morocco’s Foreign Exchange Office, 35.32 billion Dirhams has increased from 34.48 billion Dirhams during the same period of last year from money being transferred
by the Moroccan community living abroad.
The reason for this is because it is less costly compared to other resources which need raw material, working power, transportation and equipment.
According to the latest international emigration records, Morocco is ranked tenth among countries taking benefits from Moroccans abroad who represent four million.The reason for this is due to the positive participation in supplying the country with foreign exchange money and therefore increasing the Moroccan economic cycle.
In the same context, the university professor and researcher in emigration affairs, Abdul Karim Blkndoz said, "the money transferred by emigrant Moroccans are supplying enough money for foreign exchange in which the state needs to trade internationally.”
He added, "during 1960, the transfer represented only 60 million Dirhams, while in the last year it reached 60 Billion Dirhams, thus reflecting the spiral increase in the money transfer chart."
It shows that from the numbers issued by the exchange office, money transferred from abroad was not affected by the economic crisis in Europe, especially Italy and Spain, which hosts large numbers of Moroccans.
Blkndoz says, “if we want to discuss the relation between transfer and the economic crisis, we must take into consideration the case of each country separately"..."According to the important role played by the transfer in the Moroccan national economy, any problems that will affect the financial balance in the kingdom , Moroccans from poor parts of the country will depend entirely from money sent abroad.”
"Moroccans abroad and development," is a book which points to a number of data carrying several meanings. There are about 26% of investors that are facing difficulties in preceding their projects including slow administrative work, lack of cooperation, spreading nationalism and bribery and the increase in tax rates.
The Moroccan government needs to take rapid action in adopting new laws to simplify administrative procedures related to investment like facilitating licenses and allowing investors from Moroccans living abroad to take fiscal facilities, and encourage them to stay in Morocco in order to invest their savings to their home country instead of being directed to the host countries.