Moroccan expatriates' remittances up 24.2% in Q1 2005

Moroccan expatriates' remittances flared up 24.2% in the first quarter of 2005 to reach MAD 8.97 billion (nearly one billion dollar) compared to the MAD 7.22 billion-average recorded during the same period in 2000-2004.

The "Office des Changes," Moroccan authority in charge of supervising exchange rates and flows indicates that receipts at the end of March increased by 2.9% compared to MAD 8.72 billion transferred in March 2004, i.e. extra MAD 250 million.

In 2004, receipts of Moroccan expatriates rose by 7.1% compared to 2003.