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  • Morocco Launches Foreign Asset Disclosure Program for 2020
    3 January 2020, by Bladi.net

    From January 1 to October 31, 2020, the Office des changes will carry out the Voluntary Disclosure Operation (ORS). This is the main information provided last Tuesday by the institution in a press release.
    According to the press release, the ORS, established by Article 8 of Finance Act No. 70-19 for the 2020 fiscal year, concerns individuals or legal entities who have a tax residence, registered office or tax domicile in Morocco, who have constituted assets and liquidity abroad before (…)

  • Morocco’s Remittances Stagnate as Tourism Revenue Rises, Foreign Investment Drops
    4 January 2020, by Bladi.net

    At the end of November, the revenues of Moroccans residing abroad are stagnating with the drop in FDI received. At the same time, tourism revenues are increasing.
    According to the November bulletin of the Foreign Exchange Office, the remittances from Moroccans residing abroad (MRE) have stagnated to reach 59 billion dirhams (MMDH). As for foreign direct investment, it fell by 46%, the equivalent of 15.1 MMDH to stand at 17.7 MMDH.
    Furthermore, Moroccan investments abroad stood at 8.6 (…)

  • Morocco Eases Foreign Exchange Rules for Expats and Residents in 2020
    8 January 2020, by Sylvanus

    The Office of Exchange is playing the flexibility card. The new general instruction on foreign exchange operations indeed includes several easing measures, which will benefit Moroccans residing abroad (MREs) as well as individuals and legal entities in Morocco.
    MREs now have the possibility to repurchase and export 100% of the foreign currency previously repatriated and sold on the foreign exchange market, up to 100,000 DH. This is one of the easing measures included in the new general (…)

  • New Foreign Exchange Rules Ease Restrictions for Moroccan Businesses in 2020
    11 January 2020, by Bladi.net

    For the year 2020, a host of new measures have been taken by the new foreign exchange operations instruction in favor of operators.
    According to La Vie Eco, in order to support this transition, major efforts of relaxation and simplification have been made, as confirmed by the gatekeeper of foreign trade, by lifting several restrictions so that the law no longer needs to be circumvented.
    Another equally important detail indicates that under the provisions of the Foreign Exchange Office, (…)

  • Morocco Launches 2020 Amnesty Program for Undeclared Foreign Assets
    15 January 2020, by Bladi.net

    As part of the 2020 spontaneous regularization operation relating to assets abroad, which will run from January 1 to October 31, 2020, the Office des changes has just published a video to raise awareness among those concerned.
    This operation comes in application of Article 8 of the Finance Act No. 70-19 for the 2020 fiscal year, specifies Medias24. It will take place from January 1 to October 31, 2020. Concerned by this operation are natural or legal persons having a tax residence, a (…)

  • Moroccan Diaspora Remittances Reach $6.7 Billion in 2019, Bolstering Economy
    7 February 2020, by Bladi.net

    Funds transfers from Moroccans residing abroad amounted to 64.86 billion dirhams in 2019, compared to 64.92 billion dirhams in 2018.
    According to the foreign exchange office, Morocco experienced its lowest rate of funds transfers from Moroccans living abroad in 1995, estimated at 60 billion dirhams. The highest rate was recorded in 2017 at 65 billion dirhams.
    Estimated at 5 million Moroccans worldwide, Moroccans living abroad do not fail to send or repatriate funds to support the (…)

  • Morocco Grants 20,000 DH Emergency Allowance to Citizens Stranded Abroad Due to COVID-19
    17 April 2020, by Bladi.net

    An exceptional allowance of 20,000 DH is granted to Moroccans stranded abroad. It is the Office of Foreign Exchange and the Ministry of Foreign Affairs and Moroccans Residing Abroad who have decided to take this measure.
    20,000 DH per adult individual. This is the amount of the exceptional allowance granted to Moroccans stranded abroad. The purpose of this allowance is to assist citizens who are stuck outside Moroccan territory due to the COVID-19 crisis. This is an exceptional tourist (…)

  • Radio Host "Momo" Faces Complaint Over Alleged Insults to Bank Employees
    20 April 2020, by Kamal

    The National Association of Bank Employees filed a complaint on Saturday with the High Authority for Audiovisual Communication, against the radio host, Mohamed Bousfiha, alias Momo. It accuses him of insulting and humiliating remarks.
    The star host of Hit radio would have described bank employees as stupid people, while he was live with an MRE, according to the complaint signed by the president of the association, Amal El Basri.
    Disparaging and demeaning remarks that the association (…)

  • Morocco’s Exports Plunge 30% in March Amid Coronavirus Crisis, Trade Deficit Widens
    1 May 2020, by Bladi.net

    The Office of Exchange has just published the statistics on foreign trade at the end of March 2020. It shows a 30% drop in the kingdom’s exports in March 2020. The health crisis due to the coronavirus is the main cause.
    The first impacts of the covid-19 crisis on Morocco’s trade balance have just been published by the Office of Exchange. The trade balance deficit is deteriorating. According to the information gathered by Médias24, at the end of March, exports fell by 30%, or 8.5 billion (…)

  • Morocco’s Trade Deficit Widens 3.8% in Q1 2020 Amid COVID-19 Impact
    2 May 2020, by Bladi.net

    The trade deficit in the first quarter of 2020 worsened by 3.8% to over 49.13 billion dirhams (MMDH), compared to 47.34 MMDH in the same period last year. This is what the indicators of foreign trade of the Office des Changes indicate.
    According to the foreign trade indicators of the Office, imports and exports of goods recorded, year-on-year, declines of 5.1% and 10.6% to 117.35 MMDH and 68.21 MMDH respectively. The evolution of these indicators takes into account the effects of the (…)