Morocco Foreign Currency Export Limits for Residents Abroad

Foreign residents can repurchase from banks and currency exchange operators the amount of foreign currency they have repatriated and sold on the foreign exchange market over the last twelve months. However, this possibility is limited to the equivalent of 100,000 dirhams per year, according to the Office of Exchange.

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This rule does not apply to foreign currency credited to convertible dirham accounts. In other words, the repurchase and export of foreign currency covered by this provision concern amounts repatriated and then sold on the foreign exchange market, within the annual limit set.

Supporting documents to keep until departure

To allow this repurchase, banks and currency exchange operators must require the original currency import declaration submitted upon entry to Morocco. This declaration must be annotated by the bank or exchange operator for the amount exchanged. It must also be accompanied by originals of exchange slips issued in the names of the interested parties.

In case of border inspection, the export of foreign currency in banknotes can be justified to customs authorities by presenting the corresponding exchange slips. For foreign residents, the main issue is therefore the preservation of documents provided during exchange operations.

Dirhams follow a different rule. The Office reminds that the import and export of dirhams are prohibited. A tolerance exists only for travelers, who are authorized to import or export an amount in banknotes not exceeding 2,000 dirhams, in order to cover certain expenses upon their return to Morocco.

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For foreign residents, the rule is therefore clear: foreign currency can be exported within the framework provided by the Office of Exchange, with an annual ceiling and specific supporting documents. Dirhams, on the other hand, can only leave the country within the very limited amount of 2,000 dirhams in banknotes.