In brief: Exchange control regulations in Morocco are based on the dahir of August 30, 1949, updated by the Instruction Générale des Opérations de Change (IGOC) 2026. The IGOC 2026 restructures the entire framework into 6 chapters and 256 articles, clarifies the concepts of resident and non-resident, strengthens bank delegation and introduces new flexibilities for categorized operators. Upsilon Consulting supports you in understanding and complying with this regulatory framework.
Exchange control regulations form the legal foundation governing all transactions between Morocco and the rest of the world. Any company that imports, exports, invests abroad or receives foreign capital must master this framework to avoid violations and optimize its international operations.
The IGOC 2026, which entered into force on January 1, 2026, represents the most structural overhaul since the 2024 codification. This article presents the fundamental principles, the role of the Exchange Office and the main innovations introduced by this instruction.
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The Legal Framework: From the 1949 Dahir to the IGOC 2026
Legislative Foundations
Exchange control regulations in Morocco originate from the dahir of August 30, 1949 relating to the regulation and control of foreign trade, exchange and capital movements. This founding text establishes the principle of exchange control: any transaction involving foreign currencies is in principle subject to authorization.
Over the decades, the Exchange Office has progressively relaxed this framework through circulars and instructions. The IGOC (Instruction Générale des Opérations de Change) codifies all these provisions into a single document, regularly updated.
The IGOC 2026: A Major Restructuring
The IGOC 2026 stands out through a complete reorganization into 6 chapters and 256 articles (Art. 1-256):
- Chapter I — General provisions and definitions (Art. 1-26)
- Chapter II — Foreign exchange market and financial instruments
- Chapter III — Current transactions (imports, exports, travel, e-commerce)
- Chapter IV — Capital transactions (direct and portfolio investments)
- Chapter V — Foreign currency accounts and convertible accounts
- Chapter VI — Miscellaneous provisions and sanctions
This restructuring aims to improve readability, reduce gray areas and facilitate economic operators’ access to applicable regulations.
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Key Definitions of the IGOC
Resident and Non-Resident (Art. 2-5)
The IGOC 2026 clearly distinguishes:
- Resident: any natural person with habitual residence in Morocco and any legal entity with its registered office there, regardless of nationality or country of registration of the permanent establishment.
- Non-resident: any natural person with habitual residence abroad and any legal entity with its registered office outside Morocco.
This distinction determines the regime applicable to each exchange transaction.
Current Transactions and Capital Transactions (Art. 6-10)
- Current transactions: payments related to trade in goods and services, income transfers, travel, studies, medical care.
- Capital transactions: foreign direct investments (FDI), portfolio investments, international loans and borrowings, real estate transactions.
Assets Abroad (Art. 18)
Any resident who comes into possession of assets or liquid funds abroad must declare them to the Exchange Office within a period of 3 months from the date of entry into their estate.
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Fundamental Principles of the Exchange Regime
The Contract Currency Principle (Art. 11-13)
Contracts between residents must be denominated and settled in dirhams. Exceptions are strictly regulated (international insurance contracts, transactions with free zones, etc.).
Delegation to Authorized Intermediaries (Art. 14-17)
The Exchange Office delegates to authorized banks and payment institutions the power to directly carry out a wide range of exchange transactions without prior authorization. This delegation covers notably:
- Import and export settlements
- Dividend and royalty transfers
- Travel and e-commerce allowances
- Foreign currency account transactions
Banks act under their own responsibility and are required to verify the compliance of the transactions they execute.
The Effectiveness and Currency Surrender Obligations (Art. 20-23)
Two principles govern currency flows:
- Effectiveness principle: any currency transfer must correspond to a real transaction supported by documentary evidence.
- Surrender obligation: currencies received by a resident must be surrendered on the foreign exchange market within 3 business days, except in authorized cases (authorized foreign currency accounts).
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The Moroccan Foreign Exchange Market (Art. 24-26)
The Moroccan foreign exchange market operates under the supervision of Bank Al-Maghrib. Spot and forward exchange transactions are conducted between authorized banks under a regulated quotation system.
The IGOC 2026 expands the exchange rate hedging instruments available to economic operators, thereby strengthening the ability of exporting and importing companies to protect themselves against exchange rate volatility.
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Main Innovations of the IGOC 2026
The IGOC 2026 introduces several significant developments:
- Increased allowances: personal travel (ceiling raised to 500,000 MAD), e-commerce (20,000 MAD for individuals, 2 MDH for ADD-labeled startups)
- Simplification for categorized operators: classified companies benefit from streamlined procedures and increased ceilings
- Service exports: expanded definition and relaxed framework for digital and intellectual services
- Exporter foreign currency accounts: possibility of retaining 70% of export revenues in foreign currency
- Digitalization: enhanced integration with PortNet and e-Change platforms
These measures aim to support the gradual opening of Morocco’s capital account and bolster the competitiveness of Moroccan companies internationally.
For personalized support with your exchange operations, contact our teams.
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Reference texts: Instruction Générale des Opérations de Change (IGOC) 2026 (PDF)
Frequently Asked Questions
What is the IGOC and what is its role in exchange control regulations?
The IGOC (Instruction Générale des Opérations de Change) is the regulatory document that codifies all the rules applicable to exchange transactions in Morocco. Published by the Exchange Office, it defines the rights and obligations of residents and non-residents regarding currency transfers, imports, exports and international investments.
What are the main differences between the IGOC 2024 and the IGOC 2026?
The IGOC 2026 restructures the document into 6 chapters and 256 articles, compared to a less formalized organization previously. It raises allowance ceilings (travel, e-commerce, studies), expands the definition of service exports, strengthens advantages for categorized operators and improves integration with digital platforms (PortNet, e-Change).
Must individuals comply with exchange control regulations?
Yes. Every resident in Morocco, whether a natural or legal person, is subject to exchange control regulations. Obligations include declaring foreign assets, respecting travel allowance ceilings, surrendering received currencies and using authorized banking channels for any international transfer.
What are the penalties for non-compliance with exchange control regulations?
Violations of exchange control regulations may result in fines, confiscation of the corpus delicti and, in the most serious cases, criminal prosecution. The Exchange Office has the power of ex-post control and may request justification for any transaction carried out by a resident.
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