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Tourism receipts rose 4.3 percent in 2011 to 58.8 billion dirhams while remittances by Moroccan expatriates, most of whom live in Western Europe, rose 7.3 percent to 58.4 billion dirhams, showed the data from the foreign exchange regulator. Private foreign loans and investment meanwhile fell 35 percent to 25.5 billion dirhams. Morocco's currency is not fully convertible, and growth in tourism, remittances and investment helps mitigate any destabilising impact on the banking system from a net outflow of foreign exchange caused by the surge in the trade deficit.