MRE transfers threatened: Europe arouses concern among Moroccan banks

Moroccan banks present in Europe are facing new challenges with the announced entry into force of a European directive aimed at putting an end to transfers of funds from foreigners to their countries of origin, including Moroccans in the diaspora.

Estimated at nearly 100 billion dirhams per year, fund transfers from Moroccans living abroad represent 20% of bank resources and 8% of Morocco’s gross domestic product. They help finance more than a third of the trade deficit and boost the kingdom’s economy. From this point of view, Moroccan banks present in Europe do not look favorably on the European directive aimed at putting an end to transfers of funds from foreigners to their country of origin without creating economic value within the Union.