The Exchange Office published the new version of the General Instruction on Exchange Operations (IGOC 2026), which came into force on January 1. The IGOC 2026 aims to provide a clearer, structured and accessible core regulatory framework governing foreign exchange operations in Morocco.

Following the strategic vision 2025-2029, the new instruction seeks to facilitate the understanding and application of the regulatory framework by economic operators, investors, and individuals. 

The new instruction implements focused measures to encourage investment, boost exports, streamline e-commerce, facilitate business travel, enhance the import framework for services, and reinforce hedging tools. It also introduces measures addressing individual needs, thereby advancing a gradual and controlled liberalization of exchange regulations while safeguarding Morocco’s external balances.

Corporate and start‑up provisions

A key component of IGOC 2026 is a series of measures aimed at stimulating investment, particularly for startups. Companies certified by the Digital Development Agency (ADD) are now permitted to make foreign investments related to their business activities, up to a limit of MAD 10 million ($1.095 million) per calendar year. These entities are exempt from the previous three-year operating requirement and the obligation to have their accounts audited by a statutory auditor.

The text also allows residents to provide asset and liability guarantees to non-resident investors during the sale of shares or equity interests. In addition, resident foreigners who have invested in Morocco for at least ten years and who cannot provide proof of foreign currency financing are now authorized to transfer investment income abroad, up to a maximum of MAD 2 million ($219,000) per year.

Export‑import and service transactions

The new instruction introduces measures to promote exports and streamline the import regime for services. Contractors holding contracts abroad are now permitted to fund their foreign currency or convertible dirham accounts, in their role as service exporters, up to the amount of repatriated funds, with a cap of 15% of the total contract value.

For imports, the regulation allows factoring companies and debt collection agencies to settle payments for goods via the subrogation of commercial receivables, simplifying financing. The settlement process for service imports is also improved: the previous restrictions on bank-handled operations are removed, the rules are clarified, and the list of entities authorized to carry out these transactions is expanded.

Allowances for personal travel and studies abroad

To better support personal travel abroad, the overall annual travel allowance has been set at MAD 500,000 ($54,800) comprising a basic allowance of MAD 100,000 ($10,960) and a supplementary allowance of MAD 400,000 ($43,840), calculated based on 30% of income tax paid.

For students studying abroad, the ceiling for monthly living expense transfers has been increased from MAD 12,000 ($1,315) to 15,000 ($1,644), providing greater flexibility to cover educational and living costs.