New Foreign Exchange Rules Ease Restrictions for Moroccan Businesses in 2020

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, advance payments cannot be made if the commercial contract provides for the settlement of the remaining balance due before the actual entry of the goods into the taxable territory, except in cases where the settlement of said balance is made by documentary credit.

Furthermore, it should be noted that, in the event that the commercial contract provides for the payment of an advance of less than or equal to 30% of the value of goods that will be the subject of several partial deliveries, the payment to be made on the occasion of each delivery cannot exceed the difference between the value of the goods delivered and the advance corresponding to this delivery.

Still, with regard to the same area of imports, the domiciliary banks of the import title are authorized to proceed, on the basis of a commercial contract providing for advance payments, to the settlement of import operations of goods in the case where the limit of the countervalue in foreign currency is two hundred thousand dirhams (200,000 DH). Meanwhile, advance payment can go up to 1 million DH for companies operating in the aerospace and space industries.

These are all new measures brought by the new General Instruction on Foreign Exchange Operations that should interest operators.