The General Instruction for Foreign Exchange Operations (IGOC) 2024 reflects the expectations of the national economic fabric in its broad spectrum and in its different variants, said the Director General of the Office of Change, Hassan Boulaknadal. In an interview published Friday by the newspaper “Les Inspirationséco”, Mr. Boulaknadal indicated that this General Instruction, designed according to a participatory and inclusive approach, integrates a set of provisions oriented to a large extent towards the establishment of confidence, the improvement of the business climate and the contribution to the effort to revive the national economy by offering more regulatory flexibility, in perfect consultation with the various partners. He also underlined that the new provisions of the foreign exchange regulations support the dynamic of economic recovery, by allowing economic operators to seize the opportunities that are emerging at the national and international level.
In this line, continued the CEO of the Office of Foreign Exchange, comprehensive and concrete measures have been adopted to accompany and support the national productive fabric and give a strong boost to businesses, with a particular effort towards startups. Furthermore, Mr. Boulaknadal returned to the adoption in 2018 by Morocco of a more flexible exchange rate regime, ensuring that this transition continues, in 2024, satisfactorily with the increasing use of hedging instruments against exchange risk by economic operators. In addition, taking into consideration the new assumptions relating to the international environment, macroeconomic forecasts, as well as achievements in 2023, the current account deficit should reduce to 2.1% in 2024, he said. For Mr. Boulaknadal, these advances represent a new asset in terms of attractiveness for Morocco, promoting foreign investments and supporting Moroccan companies in establishing economic partnerships with foreign players. He thus noted that in this context, the gradual and measured evolution of the flexibility of the dirham, in phase with structural advances and economic conditions, suggests a cautious approach for any new stage of easing, reflecting Morocco’s strategy of gradual adaptation to the dynamics of the global market. This interview was also an opportunity for the CEO of the Office des Changes to address several other subjects, including the role of currency exchange companies (bureaux de change) in the fight against money laundering and the financing of terrorism, the advantages enjoyed by Moroccans residing abroad and the attractiveness of Morocco in terms of foreign investments.
source: maroc-diplomatique.net
