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Rabat – Morocco’s central bank signals cautious optimism as discussions continue with European partners over new rules that affect Moroccan banks serving citizens abroad.
Speaking in Rabat after Bank Al-Maghrib’s second quarterly council meeting of the year, Governor Abdellatif Jouahri said Moroccan authorities remain confident that ongoing talks with several European countries will lead to a workable outcome.
At the heart of the issue is a European directive introduced in the wake of Brexit. The measure raises questions about the ability of Moroccan banks based in Europe to provide intermediation services to Moroccans living overseas. These services have long supported financial ties between the diaspora and their home country, from savings to investment and remittances.
Moroccan institutions responded by forming a joint task force that brings together the Ministry of Foreign Affairs, African Cooperation and Moroccans Abroad, Bank Al-Maghrib, the Treasury and External Finance Directorate, and the banks concerned. The group now handles direct engagement with European counterparts.
Early exchanges with the European Commission, including its financial services branch, clarified that each member state holds responsibility for how it applies the directive. This finding shifted Morocco’s approach toward direct dialogue with individual European governments.
France has already taken part in discussions. Contacts also extend to the Netherlands and Belgium, while meetings with Spain and Italy are expected in the coming months.
Jouahri acknowledged that differing interpretations across Europe add complexity to the process. Moroccan officials continue to raise the principle of reciprocity, given the economic presence that several of these countries maintain in Morocco.
“I am convinced that we will reach a positive outcome,” Jouahri said, while noting that progress will take time and likely extend throughout the year.
Despite this regulatory uncertainty, remittances from Moroccans abroad continue to hold steady. The central bank views this trend as a sign that trust remains intact alongside the diaspora’s enduring financial connection to Morocco.
