Exchange Office

Articles

• Morocco Extends Foreign Asset Amnesty Program for Residents and Dual Nationals
  23 May 2020, by Ginette

  The amnesty of foreign assets was established by the Foreign Exchange Office in December last year, as part of the 2020 Finance Act, and remains in effect until next November. It covers "real estate, financial assets and liquid assets". Its beneficiaries are "natural persons of Moroccan nationality residing fiscally in Morocco and Moroccans with dual nationality". According to Aujourd’hui le Maroc, in the category of legal entities, "the amnesty targets Moroccan companies with a registered (…)

• Morocco’s Exports Plummet 20% Amid Global COVID-19 Disruptions
  1 June 2020, by Ginette

  Covid-19 and the restrictive measures put in place have caused a drop in Morocco’s foreign trade. This is evidenced by the figures published by the Office of Foreign Exchange.
  The statistics on foreign trade at the end of April show a 19.7% drop in exports, or 20 billion DH less. As for imports, they fell at the same pace, according to the Office of Foreign Exchange, which notes the partial deterioration of the trade balance. Apart from phosphates whose "sales have stabilized, all the (…)

• Morocco’s Energy Bill Drops 21.8% Amid Falling Oil Prices and Reduced Imports
  3 June 2020, by Ginette

  Over the first four months of 2020, the energy bill stood at 20.45 billion dirhams (MMDH), down 21.8% compared to the same period in 2019. According to the Office des Changes, this decline is mainly due to the decrease in supplies of gas-oil and fuel-oil of nearly 3.8 MMDH.
  In its recent bulletin on foreign trade indicators, the Office des Changes points out that "this development is explained by the effect of falling prices of 19% (4,575 DH/T at the end of April 2020" against 5,648 DH/T (…)

• Morocco’s Tourism Revenue Hits Record 78.8 Billion Dirhams in 2019, France Top Contributor
  30 June 2020, by Bladi.net

  Travel receipts reached a record in 2019. They recorded a total of 78.8 billion DH against 73 billion DH, according to the Foreign Exchange Office.
  In its annual report on the Balance of Payments and Global External Position of Morocco, France takes the first position as the country generating travel receipts with 25.7 billion, or 32.6%. It is followed by Spain with 6.68 billion DH, and the United Kingdom with 6.31 billion DH.
  As for Saudi Arabia, it has become the first Arab country (…)

• Morocco’s Economy Hit Hard: FDI Drops 15.9% Amid Coronavirus Crisis
  7 July 2020, by Bladi.net

  The most sensitive sectors of the Moroccan economy are experiencing record declines due to the coronavirus epidemic. Foreign direct investment has seen a 15.9% drop by the end of May 2020.
  According to the latest bulletin from the Office of Foreign Exchange tracing the data as of the end of May 2020, the net FDI flow reached 7,234 million dirhams against 8,598 million dirhams a year earlier, a decrease of 1,364 million dirhams or -15.9%.
  According to the Office of Foreign Exchange, this (…)

• Morocco Extends Deadline for Voluntary Disclosure of Foreign Assets to December 31
  31 July 2020, by Bladi.net

  The deadline for filing declarations for the voluntary regularization of assets and liquidity held abroad has been extended by the Office of Foreign Exchange.
  The details of this decision are reported in a circular from the Office of Foreign Exchange. According to this note, "The maximum deadline set for the filing and payment of the liberating contribution relating to said regularization by the persons concerned is postponed to December 31, 2020 instead of October 31, originally planned. (…)

• Morocco Sets Year-End Deadline for Residents to Declare Foreign Assets
  6 August 2020, by Bladi.net

  In a circular that came into effect on July 28, the Foreign Exchange Office reminded banks that paragraph V-1 of Article 8 of Finance Act No. 70-19 for the 2020 fiscal year, relating to the spontaneous regularization of assets and liquidity held abroad by residents, has been amended as part of the Amending Finance Act No. 35-20 for this year.
  Consequently, the maximum deadline set for the subscription and payment of the liberating contribution relating to the said regularization by the (…)

• Morocco Sees 8.1% Drop in Remittances from Expatriates Amid Economic Downturn
  8 August 2020, by Ginette

  The net flow of foreign direct investment (FDI) in Morocco fell by 7.2% and stood at around 8.34 billion dirhams (MMDH) at the end of June 2020, according to the Foreign Exchange Office. This is also the case for remittances from Moroccans living abroad.
  FDI revenues fell by 22.2% to 12.96 MMDH and expenses by 39.7%, the Office said in its bulletin on foreign trade indicators at the end of June. As for the net flow of Moroccan direct investment abroad (IDME), it fell by 1.68 MMDH.
  As (…)

• Morocco’s Foreign Investment Plummets 21.5% Amid Global Economic Downturn
  4 September 2020, by Ginette

  The flow of foreign direct investment (FDI) in Morocco recorded at the end of July 2020 has declined by 21.5% compared to last year. According to the Foreign Exchange Office, it amounts to 9.02 billion dirhams and is explained by a 26.4% drop in FDI receipts.
  The bulletin on foreign trade indicators at the end of July, published by the Office of Foreign Exchange, also shows that during the same period, the net flow of Moroccan direct investment abroad (ODIE) fell by 2.92 billion dirhams. (…)

• Morocco Extends Deadline for Declaring Foreign Assets to December 31
  16 September 2020, by Jérôme

  An extension is granted for the voluntary disclosure operation for assets held abroad. The deadline, initially set for October 31, 2020, has been postponed to December 31.
  From 2021, the automatic exchange of data on foreign assets will take place. It concerns "natural or legal persons residing who have a residence, registered office or tax domicile in Morocco, who have constituted before September 30, 2019 assets and liquidity abroad, in violation of the foreign exchange regulations," (…)