Rabat – The Governor of Morocco’s Central Bank Abdellatif Jouahri has highlighted the urgent need for collective diplomatic action in the face of EU policies to facilitate and reduce the cost of transferring remittances to Africa, the highest in the world.
Speaking at the Rabat Forum on Reduction of Remittance Costs for African Diaspora on Thursday, he emphasized the challenges facing subsidiaries of Moroccan banks in Europe.
The top Moroccan banker explained that several EU banking institutions decided to ban subsidiaries of foreign banks from carrying out direct operations in their respective countries from Europe. This would hinder the operations of Moroccan banks for the benefit of the Moroccan diaspora in Europe, he warned.
“It seems to us that a large-scale diplomatic action by our [African] countries is necessary to bring attention to these worrying developments,” Jouahri stressed, calling for collective action to address this issue.
He also highlighted the importance of “preserving” and maintaining the links connecting African migrants in Europe with their motherland.
Jouahri equally spoke of the social and economic significance of remittances destined for the African continent.
“Remittances are of vital importance as they provide a source of the livelihood of many families,” he said, explaining that the “historic” 37% increase in remittances has greatly contributed to Morocco’s economic rebound in 2021 following COVID-induced disruptions.
Morocco’s Minister of Foreign Affairs Nasser Bourita echoed Jouahri’s remarks in terms of facilitating and reducing the fees of remittance transfer for the African diaspora.
Morocco’s Minister of Foreign Affairs Nasser Bourita at the event
“Before we ask what the African diaspora can do for Africa, we need to ask what can Africa do for its diaspora,” Bourita said at the forum, emphasizing the need to support the African diaspora by facilitating fund transfer.
The Moroccan minister said his hope is for the Rabat Forum to ultimately enable African countries to create and implement policies and approaches to facilitate money transfer for the continent’s diaspora.
Source : Morocco World News