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Morocco Implements Sweeping Changes to Liberalize Foreign Exchange Rules and Stimulate Business Growth
Rabat - In a significant move, the Moroccan government has enacted comprehensive reforms aimed at removing constraints on foreign exchange transactions and enhancing the efficiency of international business operations.
Effective from January 2nd, the new General Instruction on Foreign Exchange Operations (IGOC 2024) brings about notable modifications, including a raise in the limit for allowances on business trips abroad. This limit has been increased from 60,000 dirhams ($6,000) to 100,000 dirhams ($10,000).
The updated regulations extend greater flexibility on foreign exchange provisions to various entities, encompassing personnel of Moroccan companies, branches of foreign companies registered in Morocco, as well as members of accredited associations and cooperatives.
Under the revised guidelines, these entities are now empowered to settle 100% of import expenses and deposit 85% of export earnings in foreign currencies or convertible dirhams, even in the absence of hard currency or special dirham accounts.
Minister of Finance, Mohammed Benchaâboun, commented on the transformative shift, stating, “The new instruction reflects a progressive shift, emphasizing convertibility. It aims to facilitate the international operations of economic actors.”
E-commerce operators emerge as significant beneficiaries within this liberalized system. They can now receive 100% of their corporate income tax payments, up to 1 million dirhams, as foreign exchange for business travel and e-commerce activities.
Furthermore, the IGOC 2024 allows the overseas transfer of living costs during language stays mandated by Moroccan universities. Students can also prepay certain visa and university fees.
In addition to the ideological shift, the new regulations introduce practical changes, such as doubling the average compensation for shipping costs from 10% to 20% of commercial contract values.
These relaxed regulations are integral to Morocco’s strategic initiative to promote foreign investment and elevate exports in response to evolving global trade dynamics.