Agreement between Morocco and France on Transfers of Moroccans Residing Abroad (MREs)

The Wali of Bank Al-Maghrib is displaying cautious optimism. During the quarterly meeting of the Council held on Tuesday, December 16, 2025, Abdellatif Jouahri confirmed that the negotiations with Paris have entered their finalization phase. "On the French side, it is positive," he assured. France, which concentrates more than 30% of MRE transfers, serves as a diplomatic laboratory for the Kingdom.

The challenge now is to transform this bilateral agreement into European jurisprudence. The compromise reached with the French Treasury must be submitted to the European Commission. For Rabat, this validation from Brussels is the indispensable "key to open the door": it will serve as a model to unblock discussions with other host countries of the diaspora, particularly Spain, Italy, Belgium, and the Netherlands.

Time is pressing. The directive, published in June 2024, will come into effect on January 1, 2026. Initially designed to manage the consequences of Brexit, it risks, as a collateral effect, prohibiting non-European banks from providing essential services (accounts, savings, transfers) on EU soil. A disruption that would directly threaten the vital financial channel between Moroccans of the World and their country of origin.

Faced with this systemic risk, Morocco remains on its guard. While the political dynamic is good, Abdellatif Jouahri insists on the "legal technicality." The Wali wants to lock down each term of the agreement to avoid any restrictive interpretation by European regulators in the future. A necessary vigilance to secure a financial windfall that should reach 130 billion dirhams by 2027.