In a recent press briefing on Tuesday, Abdellatif Jouahri, the Governor of Morocco’s central bank, Bank Al-Maghrib, conveyed a reassuring message regarding the operations of Moroccan banks in Europe. Following a significant agreement with France concerning the enforcement of new European banking regulations, Jouahri expressed confidence that Moroccan banks would continue their activities in the European market without facing major challenges. This announcement followed the first quarterly meeting of the bank’s board for 2026, held in the capital city of Rabat.
The agreement, which has received approval from the European Commission, is particularly relevant as it pertains to the implementation of the EU's CRD VI directive. This directive aims to enhance regulatory requirements for non-European banks that operate within the European Union. Jouahri remarked, "The agreement we reached with France allows our banks to continue their intermediary operations without much difficulty, which is already a significant advantage for us." This development not only secures Moroccan banks' presence in Europe but also has the potential to influence broader discussions among other EU member states regarding similar arrangements.
In light of these developments, a task force led by Morocco’s Ministry of Foreign Affairs is actively negotiating with several European nations to establish comparable agreements. Ongoing discussions are taking place with the Netherlands and Belgium, following recent diplomatic visits, while dialogues with Spain and Italy are anticipated to commence shortly. This proactive approach underscores Morocco's commitment to maintaining a strong financial presence within Europe amidst evolving regulatory landscapes.
Moreover, addressing the future of Morocco’s digital currency, known as the “e-dirham,” Jouahri indicated that this project is still in the developmental phase, with a medium-term timeline that may extend beyond five years. He highlighted that the immediate focus remains on reducing cash usage and promoting mobile payment solutions, which are integral components of the country's broader financial digitization strategy.
On the topic of inflation, Jouahri provided insights into Morocco’s economic outlook, suggesting that price growth is expected to remain within projected levels over the forthcoming three months, despite the prevailing uncertainties in the global economic environment. This perspective reflects the central bank’s ongoing efforts to navigate economic challenges while fostering stability in the national financial system.
As reported by assahifa.com.
