In brief: Moroccan exporters are required to repatriate their export proceeds within 150 days from the date of shipment. The IGOC 2026 (Art. 84-107) allows them to retain 70% of export revenues in a foreign currency account. The definition of service exports has been expanded to cover digital services. Upsilon Consulting supports you in managing your exchange obligations for exports.
Exporting is a strategic lever for Moroccan companies, but it comes with strict obligations under exchange control regulations. Repatriating export proceeds, maintaining foreign currency accounts and ensuring documentary compliance are all requirements that every exporter must master.
This article analyzes the provisions of the IGOC 2026 relating to the export of goods and services (Chapter III, Sections 3 and 4, Art. 84 to 107), highlighting the rights, obligations and innovations of the exchange regime applicable to exporters.
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Export of Goods: Framework and Obligations (Art. 84-95)
Definition and Domiciliation
The export of goods covers any sale of merchandise to a buyer established abroad, giving rise to collection in foreign currency or convertible dirhams. As with imports, each export transaction must be subject to prior bank domiciliation.
The export file includes the commercial invoice, transport documents, customs declaration and any specific document related to the nature of the goods.
The 150-Day Repatriation Obligation (Art. 87-89)
The exporter’s central obligation is the repatriation of export proceeds within 150 days from the date of goods shipment. This deadline covers the entire cycle: shipment, receipt by the buyer, invoicing and collection.
In case of non-repatriation within the prescribed period, the exporter must justify the delay to the domiciliary bank. Failing justification, the Exchange Office may initiate proceedings for violation of exchange control regulations.
Collection Methods
Export proceeds may be collected through:
- International bank transfer (SWIFT)
- Documentary credit issued by the buyer’s bank
- Documentary collection
- Certified check in foreign currency
Regardless of the collection method, funds must pass through the domiciliary bank of the export file.
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Exporter Foreign Currency Accounts (Art. 90-95)
The 70% Retention Right
One of the flagship measures of the IGOC 2026 is the possibility for exporters to retain 70% of their export revenues in a foreign currency account opened with their bank. The remaining 30% must be surrendered on the foreign exchange market in dirhams.
This foreign currency account may be used to:
- Settle imports of goods and services necessary for business operations
- Cover professional expenses abroad (travel, trade shows, prospecting)
- Finance authorized investments abroad
- Pay foreign service providers
Opening Conditions
Opening an exporter foreign currency account is subject to demonstrating regular export activity. The bank verifies the reality of exports based on domiciled files and actual collections.
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Export of Services: Expanded Definition (Art. 96-102)
A Modernized Definition
The IGOC 2026 expands the definition of service exports to encompass all services provided by a resident to a non-resident, giving rise to collection in foreign currency. This now explicitly includes:
- IT services and software development
- Consulting, engineering and architecture services
- Outsourcing services (BPO, KPO)
- Training and distance learning services
- Creative and digital content services
Mandatory Contract (Art. 98)
Any export of services must be backed by a written contract between the resident service provider and the non-resident client. This contract must specify the nature of the service, the amount, the invoicing currency, the payment terms and the execution schedule.
The contract is submitted to the domiciliary bank when domiciling the service export file.
Repatriation and Deadlines
Proceeds from service exports are subject to the same 150-day repatriation obligation. Service exporters also benefit from the right to retain 70% of collections in a foreign currency account.
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Foreign Contracts (Art. 103-105)
Moroccan companies executing contracts abroad (works, studies, supplies) benefit from a specific regime. The IGOC 2026 provides for:
- The possibility of maintaining abroad 15% of the total contract amount or 70% of the profit margin to cover local expenses
- Repatriation of the balance within contractual deadlines
- Opening bank accounts abroad for the duration of the contract, subject to declaration to the Exchange Office
This regime aims to facilitate the operational execution of contracts while ensuring the repatriation of profits.
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Receivable Mobilization and Export-Related Costs (Art. 106-107)
Mobilization of Foreign Currency Receivables
Exporters may mobilize their foreign currency receivables with their banks through international factoring mechanisms or discounting of foreign currency bills of exchange. These transactions improve cash flow without waiting for the payment due date from the foreign buyer.
Costs Deductible from Export Proceeds
Certain costs may be directly charged against export proceeds before repatriation:
- Sales commissions paid to foreign commercial agents (capped)
- Transport and insurance costs borne by the exporter
- Discounts and credit notes granted to the foreign buyer
- Warranty and after-sales service costs abroad
These deductions must be justified and documented to be accepted by the domiciliary bank.
To optimize the management of your export proceeds and ensure your compliance, contact our experts.
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Reference texts: Instruction Générale des Opérations de Change (IGOC) 2026 (PDF)
Frequently Asked Questions
What is the deadline for repatriating export proceeds?
The repatriation deadline is 150 days from the date of goods shipment or service delivery. Beyond this deadline, the exporter must justify the delay to the domiciliary bank, or face sanctions from the Exchange Office (Art. 87-89 IGOC 2026).
What share of export proceeds can be retained in foreign currency?
Exporters may retain 70% of their export revenues in a foreign currency account opened with their bank. The remaining 30% must be surrendered on the foreign exchange market in dirhams (Art. 90-95 IGOC 2026).
Is the export of IT services covered by the IGOC 2026?
Yes. The IGOC 2026 explicitly expands the definition of service exports to include IT services, software development, consulting, outsourcing and digital services. A written contract with the non-resident client is mandatory (Art. 96-102).
Can a Moroccan company open a bank account abroad for a contract?
Yes, for the execution of a contract abroad, the company may open a local bank account for the duration of the contract. It may maintain up to 15% of the total contract amount or 70% of the profit margin to cover local expenses (Art. 103-105 IGOC 2026).
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