Morocco’s central bank governor Abdellatif Jouahri says he is confident the country will reach a positive outcome in talks with European countries over rules affecting Moroccan banks serving citizens living abroad.
The discussions centre on a European directive introduced after Brexit that has raised concerns over whether Moroccan banks operating in Europe can continue providing certain financial intermediation services to Morocco’s diaspora, including savings and investment services.
Morocco has established a joint task force involving the foreign ministry, Bank Al-Maghrib, the Treasury and External Finance Directorate, and affected banks to engage with European counterparts.
The central bank said discussions with the European Commission showed that individual member states are responsible for implementing the directive, shifting the focus towards bilateral talks with European governments.
Morocco has already held discussions with France and is also engaging with the Netherlands and Belgium, while talks with Spain and Italy are expected in the coming months.
Jouahri said differing interpretations among European countries had complicated the process but expressed confidence in reaching an agreement.
“I am convinced that we will reach a positive outcome,” Jouahri said, adding that progress would take time and could continue throughout the year.
Moroccan officials have also raised the principle of reciprocity, citing the significant economic presence of European countries in Morocco.
Despite the regulatory uncertainty, remittances from Moroccans living abroad have remained stable, reflecting continued financial ties between the diaspora and the North African country.
The issue has drawn attention because millions of Moroccans living overseas rely on banking links with institutions in their home country for transfers, savings and investment.
Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
Brenda Fassie (South Africa)
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