July 2, 2023 – 10:30 PM – Moroccans abroad
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Abdellatif Jouahri, governor of Bank Al Maghrib, has announced that the Moroccan authorities will negotiate with the European Commission on a European directive that aims to limit money transfers 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 are aimed at ensuring that the European directive on banks will not hinder the remittances of the Moroccan diaspora, which is more than 100 billion dirhams per year, or 8% of gross domestic product, said Abdellatif Jouahri at a press conference.
Read also: Europe wants to make money transfers of the Moroccan diaspora more difficult
These remittances from world Moroccans, which are an important source of financing for the Moroccan economy, could reach a record 115 billion dirhams this year, Al3omk said.
Read also: 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 can lead to stagnation or a reduction in the number of customers.
2023-07-02 20:30:00
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