Moroccan exporters and the Office des Changes: repatriation and foreign currency accounts

A Tangier textile manufacturer ships jeans to a Spanish brand. The euros come into its Moroccan bank within the deadline set by the Office des Changes. Part of the proceeds stays in a foreign currency account to pay for Turkish fabric; the rest is converted to dirhams for wages and local costs.

The regime

Morocco's foreign exchange regime is administered by the Office des Changes, with Bank Al-Maghrib managing the dirham. The rules for residents are set out in the instruction générale des opérations de change, which the Office updates periodically, generally towards more liberal rules.

Repatriation

Exporters must repatriate export proceeds within the period in the instruction, counted from shipment for goods or completion for services. Banks track this.

Keeping foreign currency

Exporters can keep a share of proceeds in foreign currency accounts or convertible dirham accounts in Morocco and use them for permitted payments, such as imports of inputs, travel and services. The rest is converted to dirhams.

Accounts abroad

Moroccan residents, including companies, generally need authorisation from the Office des Changes to hold accounts abroad. Some liberalisation has applied to companies with foreign operations. Check before arranging anything.

The dirham

The dirham moves within a band around a basket of euros and dollars. Euro revenue therefore carries limited exchange risk, but conversion still costs a margin.

Where Rivet fits

Rivet opens business accounts for registered companies after verification. Morocco-registered companies must repatriate proceeds under Office des Changes rules and generally need authorisation for accounts abroad, so check first. Where available, partners abroad who bank with Rivet can pay Moroccan bank accounts through Rivet's payouts. Rivet is not a bank; regulated partner institutions hold the funds.