In brief: Exchange control regulations in Morocco are based on legislative and regulatory texts (including the dahir of August 30, 1949), implemented by the Exchange Office’s Instruction Générale des Opérations de Change (IGOC) 2026, which applies “pursuant to the legislative and regulatory provisions in force” (Art. 1). 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.
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, is the most structural overhaul of a text first published in 2011 and periodically revised (2013, 2019, 2020, 2022, 2024); it replaces the IGOC of January 2, 2024. 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: scope, definitions, basic principles, settlement methods, registration, categorization, declarations (Art. 1-20)
- Chapter II — Foreign exchange market and transactions in means of payment (Art. 21-45)
- Chapter III — Current transactions: imports, exports, travel, e-commerce, income (Art. 46-169)
- Chapter IV — Capital transactions: investments, placements, financing (Art. 170-210)
- Chapter V — Hedging transactions and guarantee regime (Art. 211-225)
- Chapter VI — Account regime and final provisions (Art. 226-256)
The IGOC contains no chapter on 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)
The IGOC 2026 distinguishes:
- Resident: a natural person, Moroccan or foreign, who is resident within the meaning of tax legislation; a Moroccan legal entity; an establishment or branch of a foreign entity considered resident for tax and exchange control purposes.
- Non-resident: a natural person who is non-resident within the meaning of tax legislation; a foreign legal entity; an establishment or branch abroad of a Moroccan legal entity considered non-resident; entities located in the industrial acceleration zones and offshore financial centers in Morocco.
This distinction determines the regime applicable to each exchange transaction.
Current Transactions and Capital Transactions (Art. 2)
- 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. The capital contribution of a foreign investor who wants to set up a company in Morocco falls into this category.
Assets Abroad (Art. 18)
Any resident Moroccan natural person who comes into possession of assets or liquid funds abroad must declare them to the Exchange Office, using the form in Appendix 3, 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. 3)
Contracts between residents and non-residents may be denominated in dirhams or in foreign currency; settlements must be made in a currency quoted by Bank Al-Maghrib. Settlement in foreign currency within Moroccan territory remains subject to Exchange Office authorization (Art. 1).
Delegation to Banks (Art. 4)
The IGOC authorizes banks (credit institutions, Bank Al-Maghrib, the Treasury General of the Kingdom) to execute, without prior authorization, settlements for the current or capital transactions it provides for. Any transaction not provided for, or carried out under other conditions, remains subject to Exchange Office authorization (Art. 1). 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. 5 and 22)
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. 21-28)
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 extends the possibility of offsetting positions to all hedging transactions (exchange rate, interest rate, commodities and any asset) (Art. 215), which makes risk management easier for exporting and importing companies.
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Main Innovations of the IGOC 2026
The IGOC 2026 introduces several significant developments:
- Increased allowances: personal travel (100,000 MAD per year as a base, which can be increased subject to income tax paid), e-commerce (20,000 MAD for individuals, 2,000,000 MAD for ADD-labeled innovative young companies)
- Simplification for categorized operators: classified companies benefit from streamlined procedures and increased ceilings
- Service imports: expanded definition and end of the exhaustive list of transactions delegated to banks; on the service export side, holders of contracts abroad may credit repatriated amounts to a foreign currency account up to 15% of the contract, which benefits in particular offshoring companies in Morocco
- Exporter foreign currency accounts (rule maintained): up to 70% of repatriated export revenues, 85% for categorized operators and the aerospace industry (Art. 229)
These measures aim to support the gradual opening of Morocco’s capital account and bolster the competitiveness of Moroccan companies internationally.
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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 reorganizes the text into 6 chapters and 256 articles (compared with 214 in the IGOC 2024), arranged by type of transaction and user profile. It raises several ceilings (personal travel, business travel, e-commerce, studies), expands the definition of service imports, creates new facilities for labeled startups and foreign residents, and raises to 80% the financing of real estate loans to Moroccans living abroad (MRE).
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?
Penalties for exchange control offenses are set by the legislative texts governing foreign exchange, not by the IGOC. The IGOC does, however, require banks and users to keep supporting documents for their transactions (Art. 20), which enables the Exchange Office to audit the transactions carried out.
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