Nine new measures to relax exchange regulations : 27/12/2010

Nine new measures to relax exchange regulations

In December 24th 2010, the Minister of Economy and Finance, Mr. Salaheddine Mezouar, stated, during a press conference, the new measures taken to relax exchange controls. Were present during that meeting Mrs. Fouzia ZAABOUL, Director of Treasury and External Finance and Mr. Jawad HAMRI, Director of the Exchange Office.  

The strengthening of the process of exchange controls liberalization necessarily translates into greater liberalization of financial transactions with foreign countries and simplification of the procedures relating thereto. The nine new measures target both professionals and Moroccan citizens.

The increase of the maximum percentage allowed for the investments of Moroccans residing abroad, making the operating terms of foreign currency accounts flexible, tolerance in terms of justifying the repatriation of export proceeds, raising allocations for business trips granted to small and medium enterprises?. The Foreign Exchange Office has made efforts to respond effectively to the expectations of Moroccan enterprises by setting up a regulatory framework based on respect, responsibility and trust.

In order to meet public expectations, the Exchange Office has also developed targeted and relevant measures such as the institution of an endowment for electronic commerce, the increase in tourism endowment funds from 20,000 dirhams to 40,000 dirhams per calendar year and the strengthening of Exchange arrangements for Moroccans Residing Abroad or easing the formalities required for medical care abroad ... The Foreign Exchange Office provides citizens with a better flexibility and offers more travel facilities.

These measures complement the Exchange Office`s mechanism of the past two decades. Always attentive to the needs of businesses, Moroccan citizens and Moroccans Residing Abroad, the Foreign Exchange Office is part of a proactive approach that accompanies the Kingdom in its opening policy. It will adopt additional measures in 2011 to allow traders to have the tools to cope with international competition and allow Moroccan citizens to have free access to foreign currency from banks so as to meet all their legitimate needs.