Exchange Office

Articles

• Morocco Sees 61% Surge in Foreign Direct Investment
  1 December 2024, by Sylvanus

  Morocco is more than ever attracting foreign investment. This is evidenced by the latest report published by the Office of Exchange.
  The net flow of foreign direct investment reached around 19.5 billion dirhams at the end of October 2024, an increase of 61.6% compared to the same period of the previous year, the Office of Exchange said in its monthly bulletin on foreign trade indicators. This boom is explained by a 23.7% increase in foreign direct investment income, reaching more than (…)

• French Audit Uncovers Undeclared Luxury Properties Owned by Wealthy Moroccans
  1 January, by Sylvanus

  In France, reports reveal the identities of wealthy Moroccans as well as those of their wives and children, owning luxury real estate in Paris, without having declared them to the Moroccan Foreign Exchange Office or the Moroccan tax authorities.
  Wealthy Moroccans are in trouble. An in-depth audit operation on properties that have not been occupied or rented since their acquisition, sometimes over several years, launched by the French authorities on luxury properties located in western (…)

• Morocco Probes Citizens’ Luxury Real Estate Purchases in Spain
  14 January, by Prince

  The controllers of the Foreign Exchange Office have sent letters to Moroccans owning luxury apartments and villas in Spain, inviting them to regularize their situation and justify the means of transferring the funds used to acquire these real estate assets located in particular in Madrid and Marbella.
  The letters were addressed to taxpayers residing in Casablanca, Tangier and others who have not declared their real estate abroad, in violation of the laws and regulations in force on (…)

• Morocco’s Trade Deficit Widens 6.5% as Imports Outpace Export Growth
  28 January, by Sylvanus

  Morocco’s trade deficit widened by 6.5% at the end of November 2024, reaching 275.74 billion DH against 261.36 billion DH in the same period of the previous year, according to figures from the Office des Changes. Moroccan exports, on the other hand, only grew by 5.2% in the first eleven months of 2024, while imports jumped by 5.7%, further exacerbating this situation.
  Increase in the country’s energy bill, insufficient number of exporting companies, poor geographical and sectoral (…)

• Remittances to Morocco Hit Record High of 117.7 Billion Dirhams in 2024
  3 February, by Said

  The year 2024 was prosperous for money transfers from Moroccans residing abroad (MRE), according to the latest figures published by the Office des Changes.
  Thus, these transfers reached the record sum of 117.7 billion dirhams, an increase of 2.1% compared to the previous year.
  This figure, published in the latest bulletin of monthly indicators of foreign trade, confirms the upward trend observed in recent years. In 2023, transfers already amounted to 115.26 billion dirhams.
  The Office (…)

• Morocco’s Tourism Boom: Expats Outspend Domestic Visitors as Revenue Hits Record High
  4 February, by Prince

  Morocco achieved record tourism revenues in 2024. According to the Foreign Exchange Office, these revenues reached 112.5 billion dirhams, an increase of 7.5% compared to the previous year.
  In detail, domestic tourists spent less than Moroccans living abroad (MRE) who visited the kingdom in 2024, whose spending reached 29.4 billion dirhams, representing a considerable increase of 22.9% compared to 2023. In terms of overnight stays, a decrease to 30% of the market share for domestic tourism (…)

• Morocco Cracks Down on Illegal Currency Flows at Major Airports
  4 February, by Sylvanus

  The approved exchange points and counters located at Mohammed V International Airport in Casablanca and Marrakech-Menara Airport are under the scrutiny of the control services of the Foreign Exchange Office.
  Based on precise information from reports received indicating that certain flows exceeded legal tourist allocations and came from illicit activities, particularly drug trafficking and other crimes, as well as data provided by its monitoring and follow-up cell, the Foreign Exchange (…)

• Morocco’s Exchange Office Scrutinizes Spending of Tourists and Professionals Abroad
  8 February, by Sylvanus

  Moroccan tourists traveling abroad and Moroccans practicing liberal professions abroad are in the sights of the Office of Exchange.
  Based on the observation that there is a discrepancy between their expenses and the financial allocations authorized for their tourist and professional trips, the control services of the Office of Exchange have sent requests for explanation to Moroccan tourists and travelers who travel frequently abroad, asking them to justify their personal expenses outside (…)

• Moroccan Importers Seek Legal Action Against Chinese Firms in Fraud Case
  12 March, by Prince

  Defrauded by two Chinese export companies of household goods and kitchen utensils, Moroccan importers are working to recover their funds.
  The Moroccan importers have entrusted the case to lawyers specialized in commercial disputes in China so that they can initiate legal proceedings against the two Chinese companies. The latter have defrauded the Moroccan importers by sending them quotes valid for 10 days, reports sources to Hespress.
  Based on these truncated quotes, the Moroccan (…)

• Morocco Launches Probe into Currency Exchange Offices Across Major Cities
  14 March, by Said

  The Office of Foreign Exchange is currently conducting checks in several currency exchange offices in Morocco. These operations are mainly focused on establishments located in airports and tourist areas.
  Sources cited by the newspaper Assabah indicate that the Office of Foreign Exchange has received information reporting potential infractions committed by some of these offices. The verifications focus on the compliance of their activities with the legislation in force.
  The checks are (…)