Expected Agreement with France to Protect Moroccan Banks’ Activities in Europe
The Governor of Bank Al-Maghrib, Abdellatif Jouahri, announced that a meeting is scheduled to take place with the French Treasury in July. The objective of this meeting is to reach an agreement on the application of the European directive "CRD VI," which prohibits non-European banks from providing services directly from their home country to clients residing in EU member states.
During a press conference that followed the second quarterly meeting of Bank Al-Maghrib’s Board for 2025, Jouahri emphasized that this agreement aims to safeguard the intermediation activities that Moroccan banks offer for Moroccan expatriates. He highlighted that reaching this agreement will allow similar negotiations with other European countries, such as Spain, Belgium, the Netherlands, and Italy.
The governor explained that a joint task force, including the Ministries of Foreign Affairs and Finance, Bank Al-Maghrib, and national banking institutions, is working to defend Moroccan interests through ongoing communications with the European Commission and the French Treasury. He noted that this dialogue has led to a deeper understanding of the stakes involved in this matter and its direct impact on Morocco’s balance of payments.
Jouahri anticipated a slight decline in remittances from Moroccans living abroad in 2025, followed by an increase starting in 2026, once the regulatory measures related to banking intermediation for their benefit are completed.
Regarding monetary policy, Bank Al-Maghrib’s Board decided at its latest meeting to keep the main interest rate unchanged at 2.25%, justifying this decision by the return of inflation to levels consistent with medium-term price stability, alongside the reported acceleration in non-agricultural activities.
The council noted that the current economic context is still characterized by significant uncertainties, confirming its close monitoring of how recent interest rate cuts affect financing conditions for small and medium-sized enterprises, and basing its future decisions on the available data.
