Moroccan expatriates' remittances, tourist receipts up (January-October 2007) Rabat, Dec. 4 - Moroccan expatriates' remittances and tourist receipts posted, over the period January-October 2007, respectively a 16.6% and 12.8% rise compared to the same period of the previous year, according to figures released by the Office des Changes (Exchange Office).
Tourist receipts totaled, by late October, some USD 6.3Mn as against USD 5.5Mn in the same period of 2006. Compared with the average of receipts by the end of October over the period 2002-2006, i.e. USD 4Bn, receipts rose by 55.1%.
As to Moroccan expatriates' remittances, they totaled, up to October 2007, some USD 5.9Bn, against USD 5Bn during the same period of 2006.
Compared with the average of remittances during the same period of 2002-2006, which is USD 4.1Bn, these remittances increased by 42.9%.
Direct investments contributed 86.9% of the total of these receipts, and portfolio investment and private loans 10.5% and 2.6% respectively.
The office also released figures regarding call centers’ receipts, which amounted to USD 259Mn against USD 198Mn in the same period of the previous year, that is +36.9%.
Atlasmagic, remittances are directed usually to families, they help their own, it is a selfless act towards their loved ones, however it is a selfish act from the point of view of the governement. MRE don't send their money as an act of patriotism, for the majority of them they couldn't care less. So why should we get any special treatment ? If I'm investing in Morocco, I don't do it because I'm patriotic, I do it because the yield is better than I would have in Europe these days, I'm exonerated from any tax for 5 years. Change that and a lot of investments would run for the border.
Now, it is true that the side effect of all those remittances and investments tend to lighten the burden of poverty and aleviate the social pressure but it is a side effect not a concerted effort.
As for the treatment, I have to be honest, these past few years I can't complain, they practically bow at the airport, the customs officers haven't checked my luggages for years..etc. Other than that, I've learnt not to expect to much from our own so it's hard to be disappointed that way.
You are spot on ,but if you & a french person try to invest the same amounts he or she will get the red carpet & treated like royalty when you & I get "come back tomorrow "
I know of many situation : 2 mates one ?Iraqui & Moroccan they both buy semilar flats in Marrakech ,the Iraqui guy find an agent to rent the flat for him 6000 Dhs per month ,gives his Moroccan mate the No ...............4000 dhs to the Moroccan ........................& i will pass i know of foreigners living in Marrakech securing better discounts than me ! & with the smiles & pots of teas on the top of it all ....................
We obviously hear different stories, I know a friend of mine, he's european, he's actually packing his company and coming back to Europe because of the "come back tomorrow" and the annoying corruption problem. He's not the only one, the life expectancy of small companies created by Europeans is two years in Marrakech according to the chitchat I have when I'm there. They're fed up with the extorsion from public servants, it's usually restaurants, and the angle of attack is on the alcohol licence, the law being hypocritical as you know, police show up and threaten to fine the restaurant owner because he served alcohol to a muslim, it happens on a weekly basis according to some accounts. However, the problem seems to be mainly in Marrakech, Agadir for instance seems to be a fairly clean place. So I'm not sure, europeans are treated any better, people are just being nice to lure them into the honey trap but they get hammered harder in my opinion.
I think we have both two sides ............but you picked up on the corruption & blackmail .... It looks like the ones who make it are mostely playing the system
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