Morocco MRE Transfers France Agreement Breakthrough

Morocco appears to have avoided a major blockade in France on MRE transfers. Abdellatif Jouahri, Governor of Bank Al-Maghrib, indicated that discussions with French authorities have led "practically" to an agreement preserving the activity of Moroccan banks established in mainland France.

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France was treated as a priority by Rabat, as it represents the main country of activity for Moroccan banks serving Moroccans residing abroad. These institutions play an important relay role for MREs wishing to transfer their money to their accounts in Morocco.

This activity had been weakened by a European law adopted in the context of Brexit. According to Abdellatif Jouahri, the text initially targeted British banks, to prevent them from continuing to benefit from the European passport after the United Kingdom’s exit from the European Union. But its general scope also affected Moroccan banks present in Europe.

Facing this difficulty, a Moroccan task force was established, bringing together the Foreign Affairs Ministry, the Moroccan banks concerned, Bank Al-Maghrib and the Treasury Department. After exchanges with the European Commission, Morocco had to engage discussions directly with the countries involved, each being free to transpose European regulations according to its own interpretation.

It was therefore with France that Rabat began. "We have reached, practically, an agreement that does not at all call into question the relay activity," affirmed Abdellatif Jouahri. For Bank Al-Maghrib, this is an essential point to guarantee the continuity of operations carried out by MREs to Morocco.

The Governor of Bank Al-Maghrib suggests that the method followed with France will serve as a reference for other European discussions. But he also acknowledges that an agreement reached with Paris does not automatically resolve the situation elsewhere, each country maintaining its own interpretation of the regulations.

On Bladi.net : Revolut Morocco: Why MRE Transfers Come First

For now, the French file appears to be the most advanced. Abdellatif Jouahri is reassuring about the overall evolution of transfers, which continue to increase, while acknowledging that complete resolution of the problem will take time.