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France's CRD VI Deal Secures Moroccan Banks' European Operations
In a pivotal move for Moroccan banking, Governor Abdellatif Jouahri of Bank Al-Maghrib confirmed that a France-brokered agreement under the EU's CRD VI directive ensures Moroccan banks can maintain relay operations for EU clients without major regulatory hurdles. Speaking in Rabat, Jouahri highlighted ongoing negotiations with other EU states like the Netherlands, Belgium, Spain, and Italy, while also addressing long-term e-dirham plans and a stable inflation outlook for Morocco.
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Rabat, March 17, 2026 — Governor Abdellatif Jouahri of Bank Al-Maghrib conveyed optimism on Tuesday about the resilience of Moroccan banks' European activities, citing a critical agreement with France that implements the European CRD VI directive.
Endorsed by the European Commission, this accord enables Moroccan financial institutions to sustain relay services for EU-resident clients without significant disruption, even as regulatory standards for non-EU banks tighten. Addressing reporters after Bank Al-Maghrib's first quarterly council meeting of 2026, Jouahri underscored the agreement's strategic value.
"The fact that our agreement with France allows our banks to continue relay operations smoothly is already a substantial advantage for us," he remarked, adding that this progress significantly shapes the stances of other European nations.
Jouahri revealed that a dedicated task force, spearheaded by the Ministry of Foreign Affairs, African Cooperation, and Moroccans Residing Abroad, is actively engaging with multiple EU member states. Following initial diplomatic outreach to the Netherlands and Belgium, discussions with these countries continue, with upcoming talks scheduled for Spain and Italy.
On the domestic front, Jouahri noted that the e-dirham initiative—a digital currency project—is undergoing intensive development with a medium-term timeline that may extend beyond five years. He emphasized that reducing cash dependency remains the immediate focus, alongside expanding mobile payment systems and digital infrastructure.
Concerning inflation, the Governor projected that Morocco's rate will stay within anticipated bounds over the next quarter, despite global economic volatility. This stability supports the central bank's monetary policy framework as it balances growth and price control.