Moroccans Are Now Allowed to Open Hard-Currency Accounts

Published January 4th, 2020 - 12:18 GMT
Moroccans Are Now Allowed to Open Hard-Currency Accounts
The statement determined the percentage of allowed transactions at 5 of the property value. (Shutterstock)
Highlights
The statement revealed that the new prerequisites allow banks to open a hard-currency account

Moroccans who receive income from foreign sources are now allowed to open a hard-currency account or a convertible dirham account. Earlier, the income had to be converted to the Moroccan dirham within one month maximum of collecting the amount.

The Foreign Exchange Office (Office des Changes), that controls the system of foreign exchange, announced the new procedures to simplify the exchange operations carried out by residing individuals.

The procedures include uplifting the limit of the currency allocated for tourism, and e-trade – they also empower migrant Moroccans who transferred their taxation residency to Morocco in order to settle the fees and dues of loans related to licensed premises abroad.

The statement revealed that the new prerequisites allow banks to open a hard-currency account or a convertible dirham account for individuals unregistered in the commercial register and who receive incomes from foreign sources so that they cover their current spending abroad.

As for the fees and dues resulting from abroad real-estate loans, the statement determined the percentage of allowed transactions at 5 of the property value.

In the same context, the Foreign Exchange Office declared doubling the limit of amounts allocated for tourism from MAD100k to MAD200k (USD10.5k to USD21k) per annum. The remaining amount can be used at the end of the year to cover the coming year’s tourism expenses.

The Office further rose the annual limit of amounts dedicated to e-commerce from MAD10k to MAD15k (USD1.05k to USD1.58k).


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