Morocco is negotiating with Europe directives on the transfer of funds from the Moroccan diaspora

July 2, 2023 – 10:30 pm – Moroccans Abroad

Abdellatif Jouahri, Governor of Bank Al-Maghrib, announced that the Moroccan authorities will negotiate with the European Commission a European directive aimed at limiting remittances from Moroccans living abroad.

These negotiations are led by the Ministries of Foreign Affairs, Economy and Finance, Bank Al-Maghrib and Moroccan banking groups, and aim to ensure that the European directive on banks will not hinder remittances from Moroccan expatriates, which exceed 100 billion. Abdul Latif Al-Jawahiri said in a press conference that the dirhams annually, or 8% of the gross domestic product.

Also read: Europe wants to make it more difficult to transfer money from the Moroccan diaspora

And these transfers from Moroccans of the world, which are an important source of financing the Moroccan economy, may reach a record level of 115 billion dirhams this year. Uncle Known.

Also read: The Moroccan diaspora sent 110 billion dirhams to Morocco in 2022

The European Directive aims to oblige subsidiaries of foreign banks established in Europe to promote European financial products or services and not those of their country of origin. Therefore, subsidiaries of Moroccan banks in the European Union are no longer allowed to sell Moroccan financial products, which could lead to a stagnation or decrease in the number of customers.