Morocco’s Exchange Office has unveiled its 2026 General Instruction, introducing a sweeping package of regulatory easing measures designed to boost competitiveness for small businesses, startups, and foreign investors. The reforms were presented at the headquarters of the CGEM employers’ federation, where both business leaders and regulators signaled a shared intent to modernize the Kingdom’s exchange regime.
Among the headline changes, the ceiling for authorized international investment has been raised to 10 million dirhams, opening significant new opportunities for Moroccan startups looking to expand abroad. Foreign investors residing in Morocco can now transfer investment income up to 2 million dirhams for investments held over ten years, even without proof of initial funding — correcting a longstanding regulatory inconsistency that had deterred capital inflows.
Service exporters benefit from simplified procedures, with the ability to credit 15 percent of foreign contract values directly to their foreign currency accounts. Travel allowances have increased substantially across the board: up to 1 million dirhams for companies without foreign currency accounts, 1.5 million for those with convertible accounts, and 500,000 dirhams for individuals with an additional 400,000-dirham supplement. Student allowances abroad now reach 15,000 dirhams monthly, while e-commerce allocations rise to 2 million dirhams annually for young companies.
CGEM President Chakib Alj welcomed the reforms but urged further liberalization, arguing that the exchange regime must evolve into a genuine lever for competitiveness and investor confidence. Exchange Office Director Driss Benchikh emphasized that the overhaul prioritizes regulatory clarity and digitalization, with the institution’s “Smart” platform already processing the majority of authorizations.
The reforms arrive against a backdrop of strong macroeconomic performance in 2025, with foreign exchange reserves reaching 455 billion dirhams and foreign direct investment totaling 76 billion dirhams — underscoring Morocco’s growing appeal as an investment destination.
