Europe wants to block transfers of MREs

The European directive on foreign banks operating in the European Union (EU) worries the Moroccan authorities and banks who fear a drastic drop in transfers from Moroccans living abroad (MRE) as a result of this measure. Negotiations are continuing between Moroccan authorities and stakeholders in the EU for a harmonious application of the regulations.

The European directive aims in particular to block the activity of English banks after England leaves the EU (Brexit). But it also applies to all foreign banks established in the EU, particularly Moroccan banks present in seven European countries and which facilitate the transfer of funds from Moroccans living abroad (MRE) to Morocco.