Rabat – The Moroccan Exchange Office, headed by Hassan Boulaknadal, has unveiled a series of new measures set to liberalize and facilitate currency exchange operations for Moroccans.
The MAD 45,000 foreign currency limit for Moroccan tourists leaving the country can now increase by the equivalent of 25% of income tax, instead of 10%. Its limit has also increased to MAD 200,000 instead of MAD 100,000.
Moroccan banks now have the possibility of opening an account for Moroccan residents with an income from a foreign source, without being recorded on the commercial register. They can also open accounts in a foreign currency or in convertible dirhams, allowing for the payment of expenses abroad.
Another significant change is that Moroccans who previously lived abroad or held accounts outside the country who have transferred their fiscal residency to Morocco can now make transfers for the settlement of real estate fees and loan maturities, up to a limit of 5% of the acquisition value of these goods.
Finally, the electronic commerce limit, previously fixed at MAD 10,000 per individual per year, is now set at MAD 15,000. This allocation allows for online purchases.
