New Customs Rules: Moroccan Expats Must Declare Foreign Currency Exports Over 100,000 Dirhams

In accordance with the new rules, the export of foreign currency, the amount of which is equal to or greater than 100,000 dirhams, is subject to a mandatory declaration to the customs services. MREs can obtain the appropriate form from these services. Failure to make this declaration is punishable by a fine equivalent to half the undeclared amount. It is therefore important that MREs comply with these regulations to avoid any penalties.

It is also specified that any operation of this magnitude must be justified. For example, the import declaration subscribed, if any, upon the MRE’s entry into the taxable territory, can serve as proof.

On the other hand, the export of an amount less than 100,000 dirhams is not subject to justification, unless a control for presumption of fraud is carried out.

MREs also have the possibility of repurchasing foreign currency from banks and exporting it, provided that the total amount does not exceed 100,000 dirhams. It should be noted that this rule excludes foreign currency credited to their convertible dirham accounts. In the event of a check, these exports can be justified to the customs services by presenting the corresponding exchange slips.

The 2023 Customs Guide also specifies that the import and export of Moroccan banknotes are authorized up to an amount of 2,000 dirhams.