Insights into the New 2026 Forex Regulations
On Tuesday, June 9th, Bank of Africa hosted an informative conference in Casablanca, focusing on the newly implemented provisions of the General Instruction on Foreign Exchange Operations (IGOC) 2026. The event, themed "New Provisions of the General Instruction on Foreign Exchange Operations 2026: Opportunities, Impacts, and Support Mechanisms," aimed to enlighten economic operators about the significant changes introduced by this regulatory framework and its implications for Moroccan businesses engaged in international trade.
This gathering brought together representatives from the Office of Foreign Exchange, the Moroccan Agency for Investment and Export Development (AMDIE), and experts from Bank of Africa. The discussions revolved around measures designed to enhance the attractiveness of the Moroccan economy, streamline administrative procedures, and provide greater flexibility to economic players.
During the conference, Abdelmouttalib Berrada, head of the Monitoring and Regulation Division at the Office of Foreign Exchange, elaborated on the key contributions of IGOC 2026. He emphasized that this new framework is centered on three main objectives: promoting investment and commercial operations, addressing user needs regarding foreign currency expenditures, and strengthening the financing capacities for international activities.
Facilitating International Operations
Among the noteworthy innovations is the opening up of new opportunities for start-ups recognized by the Digital Development Agency (ADD). These start-ups can now invest abroad up to 10 million dirhams annually without the requirement to justify three years of activity or to present audited accounts.
The IGOC 2026 also introduces the possibility of entering into asset and liability guarantees during the sale of shares or equity between residents and non-residents. Regulations concerning the transfer of investment income to foreign residents have been eased, particularly for investments held for over ten years.
Moreover, IGOC 2026 contains provisions aimed at supporting Moroccan exporters. Successful bidders in foreign markets can now fund their foreign currency or convertible dirham accounts up to 15% of the amounts repatriated. Additionally, the rules governing the importation of services have been simplified by abolishing the previously restrictive list and implementing new payment facilitation measures.
Microfinance associations will also benefit from more flexible rules enabling them to freely settle their service imports. The new regulation extends the possibility of offsetting positions across all hedging operations against exchange rate risks, interest rate fluctuations, commodity prices, and other financial assets.
For exporting companies, several advantages have been either retained or enhanced. They may now hold up to 70% of repatriated amounts in foreign currency or convertible dirham accounts, with the cap raised to 85% for the aviation sector and operators classified by the Office of Foreign Exchange. Exporters can also pay commissions to foreign intermediaries up to 10% of the relevant transactions, offer justified commercial discounts of up to 5%, and directly finance expenses related to their overseas activities.
Additionally, the currency regulation allows for advance transfers in connection with contracts won internationally, limited to 20% of the contract amount. This measure aims to assist Moroccan companies in covering necessary project startup expenses before receiving initial revenue.
As reported by fr.le360.ma.
