Moroccan expats, integral part of Morocco''s economy, OBG

London - The London-based think-tank Oxford Business Group underlined on Friday the important economic role played by Moroccan exp

London - The London-based think-tank Oxford Business Group underlined on Friday the important economic role played by Moroccan expatriates, an integral part of the Kingdom''s economy, it says

   Recalling the expats'' investments in real estate and the Casablanca stock exchange, OBG expected that, for the first time in a decade, this year''s cash flow will decline.

    The Group highlighted measures taken to ease charges for money transfers to the country, noting that remittances have become one of Morocco''s most significant sources of foreign currency with 9.6% of the Gross Domestic Product (GDP).

   Bolstered by a strong growth of 32.5% in the first six months of the year, the decline was only slight for 2008 - down 2.4%, according to figures released by the Finance Ministry, OBG said.

  On the drop of money transfers, OBG quoted Finance Minister, Salaheddine Mezouar, as saying that the fall is due to the tightening of the Eurozone, the destination of most Moroccan labourers.

   The think-tank recalled the accord signed last August by Morocco to set up electronic money transfers through technology developed by the Universal Postal Union, the UN''s postal agency.
  
Moroccan banks will apply the lowest rate of change and will reschedule debts for those affected by the downturn, it underlined.

Source: MAP

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