Morocco is continuing its campaign to protect the activities of its banks in Europe and secure remittance flows from Moroccans residing abroad (MREs). Speaking at a press conference following the quarterly meeting of Bank Al-Maghrib’s board on June 23, Governor Abdellatif Jouahri said discussions with several European countries were progressing under encouraging conditions.
Moroccan authorities have launched negotiations first with the European Commission and then on a bilateral basis with individual member states. The objective is to preserve the continuity of services provided to the Moroccan diaspora in light of a European directive that took effect on January 1, 2026, and could restrict the activities of non-European banks operating within the European Union.
France Agreement Opens the Door
Jouahri noted that Morocco had already reached a favorable arrangement with France, ensuring that Moroccan banks can continue carrying out their intermediary operations in the country.
“With France, we obtained an agreement that does not call into question the intermediary activities of Moroccan banks at all,” he said.
Building on that breakthrough, Morocco has expanded discussions to other European countries with significant Moroccan communities.
“We are now moving on to the other countries. We have already started discussions with the Netherlands. Belgium will follow, and Spain and Italy are also on our agenda,” Jouahri said.
According to the central bank governor, initial exchanges with Dutch authorities have been constructive, although the process may prove more complex than expected.
“The way we handled the issue with France has been helpful, but apparently not sufficient for the other countries, because each state remains sovereign in how it transposes this directive,” he explained.
Despite the differences in implementation across EU member states, Jouahri expressed confidence about the outcome of the negotiations.
A Task Force on Multiple Fronts
To defend Morocco’s interests, a dedicated task force bringing together Bank Al-Maghrib, the ministries of Finance and Foreign Affairs, and the banks concerned is continuing its engagement with European authorities.
“The task force is carrying out extensive work. It is almost a form of sustained advocacy aimed at emphasizing reciprocity and the broader interests that link these countries with Morocco,” Jouahri said.
He acknowledged that the process would take time, adding that negotiations were likely to continue throughout 2026.
“This will probably take the entire year of 2026,» he said, while stressing that the signals received so far remain positive. «At this stage, there is no reason for concern."
The stakes extend far beyond the banking sector itself.
“What we are trying to prevent is a situation where these financial flows remain within Europe,” Jouahri said. “We want remittances from Moroccans abroad to continue flowing as usual into Moroccan bank accounts, helping to support national savings and contribute to investment in Morocco.”
According to the governor, discussions with France helped identify and resolve the main obstacles that could have affected the intermediary operations of Moroccan banks.
“We checked every box with France, and we will address the same issues with the other countries,” he said.
The EU directive, adopted in June 2024, introduces stricter rules governing the activities of non-European banks operating within the bloc. Although it was primarily designed in the post-Brexit context and aimed largely at British institutions, it also affects Moroccan banks through their subsidiaries, branches, and representative offices in Europe.
A Strategic Issue for Morocco
In March, Jouahri announced a major milestone when the European Commission approved the agreement reached between Morocco and France. That endorsement consolidated the compromise with Paris and established a model that Moroccan authorities now hope to replicate elsewhere in Europe.
Morocco is seeking similar arrangements with the Netherlands, Belgium, Spain, and Italy to ensure the long-term continuity of Moroccan banking operations across the continent.
The issue is particularly important because remittances remain one of the country’s most significant sources of foreign currency. According to Bank Al-Maghrib projections, transfers from Moroccans living abroad reached more than 122 billion dirhams in 2025 and are expected to approach 130 billion dirhams by 2027.
For Moroccan authorities, preserving these flows is not only a banking priority but also a strategic economic objective, ensuring that financial ties between the Moroccan diaspora and their country of origin remain intact despite evolving European regulations.
