Morocco’s Foreign Exchange Office has introduced groundbreaking reforms allowing accredited agents to utilize electronic payment terminals for currency purchases against dirhams using international bank cards. Clients can also receive dirham-loaded prepaid cards, creating seamless circuits between international payment methods and the domestic economy.
The measure responds to sustained international payment growth. According to the Foreign Exchange Office, Moroccan spending abroad reached 21.6 billion dirhams through September 2025, marking nearly 8 percent annual growth, while cross-border e-commerce transactions progressed beyond 20 percent based on consolidated Bank Al-Maghrib data. Digitizing these operations through manual exchange sectors constitutes a structural response to rising digital payments in historically cash-dominated markets.
Morocco remains among economies most attached to cash despite advancing banking penetration and digital payments. Bank Al-Maghrib’s 2024 annual report indicates fiduciary currency circulation reached 444 billion dirhams—28.2 percent of GDP—levels characterized as “structurally elevated.” International card-based exchange operations could reduce pressure on fiduciary circulation while addressing dual imperatives: reducing logistical and operational costs related to cash circulation, which Bank Al-Maghrib evaluates at nearly 0.5 percent of GDP, and increasing flow traceability in segments historically marked by informal arbitrage.
Over 1,000 exchange points distributed nationwide are embarking on dynamics progressively aligning operations with technological standards prevailing in banking networks. The decision explicitly inscribes within national compliance architecture, officially aligning with Financial Action Task Force Recommendation 17, which encourages third-party recourse subject to identical vigilance rules while imposing complete transaction traceability.
The reform arrives as Morocco strengthens its position as a major international destination. Tourism revenues progressed 12 percent through September 2025, supported by source market diversification and marked European and American demand rebounds. Digitalized payment modes at exchange agents could facilitate dirham access for foreign visitors, improve stay experiences, and reduce gaps between formal sectors and alternative conversion circuits.