Exchange Office

Articles

• Morocco’s Foreign Direct Investment Drops 28.4% Amid Global Economic Slowdown
  3 October 2020, by Bladi.net

  FDI in Morocco reached nearly 9.61 billion dirhams by the end of August 2020, down 28.4%, the Office des Changes announced. This result is explained by a 29.3% drop in FDI earnings to nearly 16.17 billion dirhams, mitigated by a 30.5% decline in expenditures.
  During the first eight months of 2020, the net flow of Moroccan direct investment abroad fell by 3.07 billion dirhams. Moroccan direct investment abroad (MDIA) indeed reached 5.26 billion dirhams at the end of August, compared to (…)

• Remittances to Morocco Drop 2.3% Amid Global Pandemic
  3 October 2020, by Bladi.net

  The transfer of funds from Moroccans living abroad (MRE) has declined by 2.3%. This is justified by the health crisis due to the coronavirus that has impacted several sectors of activity.
  In its bulletin on foreign trade indicators at the end of August, the Foreign Exchange Office noted that travel receipts fell by 55.3%, or 23.55 billion DH compared to the end of August 2020 against a 51% decline to 6.93 billion for expenses. Not surprisingly, the travel balance surplus fell by 56.8%. (…)

• Currency Exchange Offices in Morocco Face Crisis Amid Tourism Slump
  9 October 2020, by Bladi.net

  Faced with the absence of foreign tourists and Moroccans residing abroad (MREs), currency exchange office owners are desperate. Forced to close down, they are now trying to diversify their business.
  The owners of currency exchange offices no longer know which way to turn, reports Le360. Heavily impacted by the coronavirus, their activity has been declining since the government decided to close its air borders due to the coronavirus.
  For most of these foreign exchange professionals, (…)

• Tax Authorities Target Social Media Influencers’ Undeclared Income
  27 October 2020, by Bladi.net

  Opinion makers on the web, influencers often enjoy large incomes that escape the tax authorities. Without legal status, they do not declare their income and represent a large shortfall for the State.
  These influencers do not appear in the State’s registers, reports La Vie Eco. To avoid this financial loss, the Foreign Exchange Office has launched an operation to identify these opinion makers, particularly those who are in an irregular situation. They have been invited to complete their (…)

• Moroccan Diaspora Remittances Surge 2.2% to 50 Billion Dirhams Despite Global Crisis
  8 November 2020, by Bladi.net

  Remittances from Moroccans living abroad increased by 2.2% at the end of September for an amount estimated at nearly 50 billion, according to the Office of Foreign Exchange.
  The Office of Foreign Exchange estimates this increase at 1 billion DH compared to the end of September 2019 where remittances stood at 49.5 billion DH. According to the same source, remittances from Moroccans living abroad during the period from January to September 2020 have largely exceeded remittances over the (…)

• Morocco Considers Progressive Income Tax Reform to Address Economic Challenges
  7 November 2020, by Bladi.net

  The Economic, Social and Environmental Council (CESE) advocates that the income tax (IR) be more progressive, particularly for the top bracket.
  The CESE recommends a reduction in the tax rate for the intermediate income brackets, according to a study on the health, economic and social impacts of Covid-19 and possible levers of action. This measure could allow these employees to move to a lower tax rate during crisis periods.
  The other proposal made by the CESE is the application of a (…)

• Morocco’s Foreign Investment Plummets 31% as Remittances from Abroad Surge
  3 December 2020, by Jérôme

  Over the first ten months of 2020, the net flow of Foreign Direct Investments (FDI) in Morocco has further deteriorated to reach 11.69 billion dirhams, a drop of 31.2% compared to the end of October 2019. This is the result published by the Foreign Exchange Office in its bulletin on foreign trade indicators for October 2020.
  The decline in FDI revenues of 28% to 20.43 BILLION DH, mitigated by the 23.2% drop in expenditure, is the main cause of this result, the Office said. Regarding the (…)

• Morocco’s Foreign Asset Amnesty Yields 2.3 Billion Dirhams, Below Expectations
  25 December 2020, by Bladi.net

  Assets and holdings held abroad amounted to 2.3 billion DH as of December 23, according to the Foreign Exchange Office, which had forecast 4 to 5 billion DH.
  According to Hassan Boulaknadel, Director of the Foreign Exchange Office, this first operation made it possible to regularize 70 years of illegal practices. "This one today concerns the last six years," he said. According to him, this year’s amnesty aims to give Moroccan residents holding undeclared assets, property or financial (…)

• Moroccan Foreign Asset Declarations Surge to 3 Billion Dirhams as Deadline Nears
  31 December 2020, by Bladi.net

  Over 3 billion DH in spontaneous declarations have been recorded for the year 2020, according to the Director General of the Foreign Exchange Office, Hassan Boulaknadel. The additional time granted for the spontaneous regularization operation for assets held abroad is behind this resounding success.
  "The operation is about to come to an end. A few days separate us from the deadline set for December 31, 2020. It’s a rush at the level of the various banks in the place that have been (…)

• Moroccan Diaspora Remittances Surge 3.9% Despite Global Pandemic
  5 January 2021, by Ginette

  Remittances from Moroccans living abroad (MRE) to Morocco have withstood the winds of Covid-19 and its consequences. As of the end of November 2020, remittances made by MREs recorded an increase of 3.9% compared to the end of November 2019.
  The exact amount of these transfers is 61.9 billion dirhams, or 2.3 billion more than the same period in 2019, according to the latest foreign exchange statistics from the Office of Exchange. No one expected such an effort from the MREs, especially (…)