Morocco applies foreign exchange regulations that govern residents’ foreign currency transactions. The practical framework is set by the General Instruction on Foreign Exchange Operations (IGOC), published by the Office des changes and revised regularly. The 2026 version, in force since 1 January 2026, continues the gradual liberalisation of recent years.
For companies
Business travel
The business travel allowance for companies without a foreign currency account rises from MAD 500,000 to MAD 1 million, based on the tax paid for the previous financial year. For categorised operators, it rises from MAD 1 million to MAD 1.5 million.
Service exporters
A company holding a contract abroad may credit its foreign currency or convertible dirham account up to the amount repatriated, within a limit of 15% of the total contract value. This option cannot be combined with the possibility of crediting these accounts with up to 70% of the margin earned on the contract.
Service imports
The definition of service imports is broadened, and the exhaustive list of operations banks may process without authorisation is removed. Payments for services abroad are therefore simpler.
Warranties on share disposals
When selling shares to non-resident investors, residents may now give representations and warranties on assets and liabilities, a common practice in acquisitions.
For start-ups
Start-ups labelled by the Digital Development Agency benefit from specific measures:
- they may invest abroad up to MAD 10 million per calendar year in projects linked to their business, without having to show three years of existence or audited accounts;
- their e-commerce allowance rises from MAD 1 million to MAD 2 million.
Newly created companies, and companies that are tax-exempt or pay little tax, benefit from a minimum e-commerce allowance of MAD 50,000 per year.
For individuals
| Allowance | Before | From 2026 |
|---|---|---|
| Additional personal travel allowance (linked to income tax paid) | MAD 200,000 | MAD 400,000, within an overall annual limit of MAD 500,000 including the basic allowance |
| Online payments (e-commerce) | MAD 15,000 | MAD 20,000 per year |
| Living expenses for studies abroad | MAD 12,000 per month | MAD 15,000 per month |
For foreign residents and Moroccans living abroad
- Foreign residents have access to the personal travel and medical care allowances on the same terms as Moroccans.
- Those who have held investments in Morocco for at least ten years, without being able to show they were financed in foreign currency, may transfer the income from these investments up to MAD 2 million per year.
- For Moroccans living abroad, dirham-denominated mortgage financing can reach 80% of the property’s value.
What does not change
The principle remains: a foreign investment financed in foreign currency and properly documented carries a right to transfer out the income and sale proceeds. See our article on a foreign investor setting up a company in Morocco. Investments by Moroccan companies abroad remain subject to ceilings and conditions, presented in our dedicated article.
Ascensu supports companies and investors with their foreign exchange procedures.
Official sources
This article is provided for general information, as at its publication date. It is not personalised advice: the rules change and every situation must be reviewed on its own facts.