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Casablanca – The General Confederation of Moroccan Enterprises (CGEM) hosted a meeting today with Driss Benchikh, Director General of the Office des Changes.
The session was dedicated to the presentation of the new Instruction Générale des Opérations de Change (IGOC 2026), the governing framework of international payments, investment flows, and cross-border financial transactions in Morocco.
During his presentation, Benchikh said the 2026 Instruction was introduced in a favorable macroeconomic environment. Morocco recorded MAD 469 billion in exports in 2025, he shared, adding this trend was driven by key sectors including automotive, aeronautics, food industries, and manufacturing. He also highlighted travel receipts of nearly 140 billion dirhams, marking a 20% increase compared to the previous year.
IGOC 2026 entered into force on January 1, 2026. It forms part of the Office des Changes’ 2025-2029 strategic vision to improve regulatory clarity.
Speaking to Morocco World News, Reda Lahmini, President of the Commission Procédures administratives et judiciaires at the CGEM, said, “Today, we had a meeting with the Director General of the Office des Changes to present the new structure of the Exchange Office for 2026. It was the result of a partnership between the CGEM and the Exchange Office.”
He added, “We presented a number of recommendations and improvements at the circular level. Today, we find amendments on a plan of exchange in terms of donations, whether for physical or moral persons.”
Benchikh explained that the reform is part of a broader strategy built around several pillars, including regulatory simplification, digitalization, governance, statistical monitoring, and improved relations with users. He said the main objective is to make the regulatory framework clearer, more readable, and more accessible.
The new version introduces several measures affecting both businesses and individuals. Technology start-ups labeled by the Agence de Développement du Digital (ADD) are now authorized to invest abroad up to MAD 10 million per year.
Benchikh stated that young entrepreneurs previously had to wait three years before investing abroad. Under the new Instruction, eligible start-ups can invest internationally as soon as their application is validated. He described this as a major step toward supporting innovation and digital businesses.
The regulation also adjusts travel and transfer ceilings. The global annual allowance for personal travel abroad is now set at 500,000 dirhams, which includes a base allowance of 100,000 dirhams. The monthly ceiling for study expenses abroad has also been increased to MAD 15,000 instead of MAD 12,000.
For businesses, the ceiling for business travel has been increased to 1 million dirhams for general operators and 1.5 million dirhams for categorized operators. The new Instruction also introduces measures aimed at promoting exports and facilitating service imports. These updates reflect a strategy to support the internationalization of Moroccan companies.
The Director General also announced new measures concerning foreign investors. He said resident foreign investors are now allowed to transfer capital even in cases where previous restrictions applied. He explained that this change aims to improve fairness and strengthen Morocco’s attractiveness as an investment destination.
In addition, foreign residents in Morocco can now benefit from the same personal travel and medical transfer regime as Moroccan citizens. Benchikh said these measures reflect a gradual and progressive approach toward further liberalization.
This dialogue ensures that the private sector can effectively navigate the new regulatory environment. It highlights the impact of IGOC 2026 on national economic activity.
“It was a meeting of exchange and presentation. We identified a number of improvements on which we will work together with the Office des Changes,” Lahmini told Morocco World News.
