Morocco Tightens Rules on Foreign Currency Accounts for Residents

According to the newspaper l’Economiste, these accounts are exempt from local cash deposits. The same daily specifies that Moroccans with dual passports and living in Morocco can only claim Moroccan nationality. With regard to exchange regulations, they are subject to common law requirements.

A few months ago, the government had authorized Moroccans to hold foreign currency accounts or convertible dirham accounts within Moroccan banks. "We will gradually move towards a much more flexible system on the Moroccan’s relationship to the currency," the Finance Minister, Mohamed Benchaâboun, had explained at the time.