Exchange Office

Articles

• Moroccan Diaspora Remittances Surge 7.4% to 58.23 Billion Dirhams in 2023
  2 September 2022, by Ginette

  Over the first seven months of the current year, remittances from Moroccans residing abroad (MRE) recorded an increase of 7.4% (+4.03 billion dirhams) compared to the same period in 2021.
  According to the monthly indicators published by the Office des Changes, these transfers reached more than 58.23 billion dirhams (MMDH), compared to 54.19 MMDH during the same period in 2021.
  Compared to their 2018 (37.76 MMDH) and 2019 (37.46 MMDH) levels, MRE transfers have increased by more than (…)

• Moroccan Diaspora Remittances Surge 16.5% to $11 Billion in 2022
  2 February 2023, by Said

  Remittances from Moroccans residing abroad (MREs) experienced a significant increase in 2022, according to data published by the Office of Foreign Exchange.
  Remittances amounted to more than 109.15 billion dirhams in 2022, an increase of 16.5% compared to the previous year, which was 93.67 billion dirhams.
  The Office of Foreign Exchange also reports a surplus in the balance of trade in services in 2022, up 82.2% to 113.65 billion dirhams. This increase is due to a more significant (…)

• Moroccan Diaspora Remittances Drop 3.4% in 2019, Office des Changes Reports
  6 July 2019, by Bladi.net

  A significant drop is observed in 2019 in the remittances of Moroccans residing abroad (MRE). These transfers, which reached 25.86 billion dirhams in the first five months of this current year, could be justified by the return to the country of a significant part of the Moroccan diaspora for the summer holidays, notes a report from the Office des Changes.
  According to a semi-annual note from the Office des Changes, reported by Hespress, the transfer of money from MRE to their country of (…)

• Moroccan Diaspora Remittances Dip Slightly, France Remains Top Source
  3 August 2019, by Bladi.net

  Until the end of last May, Moroccans Residing Abroad (MREs) transferred 25.86 billion dirhams to Morocco, a slight decrease compared to the same period last year.
  25.86 billion dirhams. This is the financial amount sent to the country by Moroccans residing abroad (MREs), as of the end of May 2019. According to La Vie Eco, quoted by Le360.ma, France is at the top of the ranking with a rate of 35% of the total amounts sent by the MREs. It is followed by the Gulf countries with 18%. Italy, (…)

• Morocco Raises Foreign Study Allowance to 12,000 Dirhams for Students Abroad
  26 September 2019, by Ginette

  The Office of Foreign Exchange has just published a new circular on the increase in the ceiling of the allowance for living expenses for study trips abroad from 10,000 to 12,000 dirhams. It is through a video that the Office, led by Hassan Boulaknadal, announced the news to young people pursuing higher education abroad.
  The Office of Foreign Exchange now chooses to do digital communication with the general public. It is therefore through a video capsule dedicated to the popularization of (…)

• Morocco Sees Sharp Drop in Foreign Direct Investment Amid Rising Outbound Investments
  12 October 2019, by Sylvanus

  The flow of Moroccan Direct Investments Abroad (IDME) recorded a strong increase, going from 2.89 billion dirhams in 2018 to 5.93 billion dirhams in 2019.
  In a note on the indicators of foreign trade for the month of August, the Office des Changes indicated that the flow of Foreign Direct Investments (FDI) in Morocco stood at nearly 12.36 billion dirhams (MMDH), at the end of August 2019, compared to 17.76 MMDH in 2018, a decrease of 30.4%, due to the increase in FDI expenditure of 14.5%, (…)

• Morocco’s Trade Deficit Widens 2.6% as Consumer Goods Imports Rise
  6 November 2019, by Ginette

  Morocco’s trade deficit stood at 154.46 billion dirhams (MMDH) at the end of September 2019, compared to 150.83 MMDH in 2018, an increase of 2.6%, according to the Office of Foreign Exchange.
  The increase in imports of goods is mainly due to the increase in purchases of capital goods, finished consumer goods and food products.
  However, imports of energy products and raw materials decreased by 2.7 MMDH and 1.5 MMDH respectively, according to the Office.
  Indeed, the energy bill recorded (…)

• Morocco Cracks Down on Untaxed YouTuber and Influencer Earnings
  2 December 2019, by Sylvanus

  The Foreign Exchange Office wants to track down YouTubers and influencers who are not in compliance with the tax authorities. In this regard, they have been granted a one-month deadline to get in line.
  The Foreign Exchange Office first favors the path of awareness-raising. To this end, it has sent correspondence to individuals and legal entities (YouTubers and influencers) who are making big profits from their activities on the internet.
  "According to the information in the possession (…)

• Morocco Introduces New Banking Rules for Hajj Pilgrimage Expenses
  30 December 2019, by Sylvanus

  The Foreign Exchange Office has set new rules governing transfers related to the accommodation costs of Moroccan pilgrims in Saudi Arabia.
  The adoption of these new measures follows the implementation, by the Saudi authorities, of a new process. This requires travel agencies to open, in their name and through the Saudi tour operator, a secure account controlled by the Saudi Ministry of Hajj, funded via a dedicated platform, prior to obtaining the visa to enter Saudi Arabia.
  The banks (…)

• Morocco Doubles Tourist Allowance Ceiling to 200,000 Dirhams, Expands E-commerce Limits
  2 January 2020, by Bladi.net

  The Director of the Office of Foreign Exchange, Hassan Boulaknadal, stated that the percentage of indexation of the tourist allowance to the Income Tax will increase from 10 to 25%. As for the ceiling of this allowance, it will be increased to 200,000 DH instead of 100,000 DH.
  These changes made to the amount of the tourist allowance were addressed by the exchange control director in an interview with L’Economiste. In his intervention, Hassan Boulaknadal noted that this allowance has been (…)