Moroccan expatriate remittances increased by 40 percent during the first half of 2002, reaching $1.5 million, reported Xinhua. Remittances are expected to increase to four billion dollars by the year's end, increasing foreign reserves at the Central Bank from $9.8 billion to $11 billion.
Money transfers from Moroccan expatriate workers increased 57 percent to $3.3 billion in 2001, compared with 2000. The growth was attributed to declining Moroccan currency exchange rates and the European currency shift. The report shows that thousands of Moroccans converted their euro currency funds into Moroccan dirhams last year. — (menareport.com)
© 2002 Mena Report (www.menareport.com )