In brief: The IGOC 2026 organizes foreign currency accounts in Morocco into several categories: non-resident and foreign resident accounts, exporter accounts (funded up to 70% of revenues), special accounts (international trading, UCITS, CFC) and convertible dirham accounts. Each category is subject to specific credit and debit rules. Upsilon Consulting supports you in opening and managing your foreign currency accounts in compliance with regulations.
Foreign currency accounts are an essential instrument for economic operators conducting international transactions. They allow funds in foreign currency to be received, held and used without systematic conversion into dirhams, thereby providing management flexibility and protection against exchange rate risk.
The IGOC 2026, in its Chapter VI (Art. 227-256), details the opening conditions, authorized transactions and reporting obligations for each category of foreign currency account.
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Correspondent Banks and Convertible Dirham Accounts (Art. 227-230)
Correspondent Bank Accounts
Foreign correspondent banks of Moroccan banks may hold convertible dirham accounts with Moroccan banking institutions. These accounts serve interbank transactions related to international trade, fund transfers and foreign exchange settlement.
Credit and debit transactions on these accounts are strictly limited to transactions authorized by exchange control regulations and are subject to regular reporting to Bank Al-Maghrib and the Exchange Office.
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Non-Resident and Foreign Resident Accounts (Art. 231-238)
Foreign Nationals and MRE
Foreign nationals (resident or non-resident in Morocco) and MRE may open foreign currency accounts with Moroccan banks. These accounts operate freely:
Credit transactions:
- Transfers received from abroad;
- Deposit of foreign banknotes and traveler’s checks;
- Interest earned on the account;
- Transfers between foreign currency accounts of the same holder.
Debit transactions:
- Transfers abroad;
- Surrender of foreign currency for dirhams;
- Withdrawal of foreign banknotes;
- Payment by international bank card.
Foreign Legal Entities
Companies with their registered office abroad and conducting business in Morocco (branches, liaison offices, construction sites) may open foreign currency accounts. Credit transactions include head office allocations and foreign currency revenues generated by business in Morocco.
CFC Companies (Casablanca Finance City)
Companies benefiting from Casablanca Finance City status enjoy a privileged exchange regime. Their foreign currency accounts may be freely credited and debited for all their transactions with foreign parties, in accordance with the specific provisions of the CFC status.
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Exporter Accounts for Goods and Services (Art. 239-245)
Account Funding: The 70% Rule
Moroccan companies exporting goods or services may open a foreign currency account funded up to 70% of repatriated export revenues. The remaining 30% must be mandatorily surrendered on the foreign exchange market and converted into dirhams.
Credit transactions:
- Repatriation of export revenues (up to 70%);
- Interest earned on the account balance;
- Transfers from other foreign currency accounts of the same holder.
Authorized Debit Transactions
Exporter account funds may be used for:
- Professional expenses abroad directly related to export activity (travel, prospecting, trade show participation, entertainment expenses);
- Settlement of foreign suppliers in the course of business;
- Purchase of foreign banknotes for professional travel, up to 100,000 MAD per trip (foreign currency equivalent);
- Repayment of foreign currency borrowings contracted for export activity.
Obligation to Surrender Excess Balances
The Exchange Office may require the surrender of excess balances when the balance exceeds the exporter’s operational needs, assessed based on the volume of international activity in previous fiscal years.
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Special Foreign Currency Accounts (Art. 246-251)
International Trading
Moroccan companies engaged in international trading (purchase and resale of goods without transit through Morocco) have dedicated foreign currency accounts, funded by trading revenues and debited for payment of suppliers and related transaction costs.
Business Travel
Travel agencies authorized for international ticketing and tour operators may hold foreign currency accounts for settling their services with foreign partners (airlines, hotels, local operators).
Insurance and Reinsurance
Moroccan insurance and reinsurance companies use foreign currency accounts for the settlement of premiums and claims related to international reinsurance and co-insurance operations.
UCITS, OPCC and OPCI
Collective investment schemes (UCITS, OPCC, OPCI) investing abroad under AMMC authorizations have foreign currency accounts for managing their international portfolios.
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Non-Resident Convertible Dirham Accounts (Art. 252-254)
Non-residents may open convertible dirham accounts with Moroccan banks. These accounts allow funds to be held in dirhams while retaining the right to reconvert and transfer funds abroad.
These accounts are particularly suited to foreign investors who have completed a disposal or liquidation of an investment but do not wish to immediately transfer the proceeds. Funds remain in convertible dirhams on a deferred basis, with the transfer available at any time upon the holder’s instruction.
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Resident Individuals with Foreign-Source Income (Art. 255-256)
Moroccan resident individuals receiving foreign-source income (foreign retirement pensions, authorized foreign investment income, foreign-source professional income) may open a foreign currency account funded by these revenues. Use of these funds is unrestricted for transactions authorized by exchange control regulations.
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Reference texts: Instruction Générale des Opérations de Change (IGOC) 2026 (PDF)
Frequently Asked Questions
What share of export revenues can fund a foreign currency account?
The IGOC 2026 sets this threshold at 70% of repatriated export revenues. The remaining 30% must be surrendered on the foreign exchange market and converted into dirhams. This mechanism allows exporters to hold foreign currency for their professional expenses abroad while contributing to the local foreign currency supply.
Can an exporter withdraw banknotes from their foreign currency account?
Yes, up to 100,000 MAD per trip (foreign currency equivalent). These withdrawals must be justified by a professional trip related to the export activity. The bank verifies consistency with the declared activity.
Do CFC companies have restrictions on their foreign currency accounts?
Companies benefiting from Casablanca Finance City status enjoy a relaxed exchange regime. Their foreign currency accounts may be freely credited and debited for their transactions with foreign parties, without the ceilings applicable to standard-regime companies.
How can Upsilon Consulting help us open a foreign currency account?
We determine the account category suited to your situation (exporter, foreign investor, international trading), prepare the opening file and ensure ongoing regulatory compliance. Contact us for tailored support.
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