Simpler procedures with the new version of the General Instruction for Foreign Exchange Operations. Foreign exchange operations procedures will be simpler and easier with the new version of the general instruction for foreign exchange operations published by the Foreign Exchange Office (OC).
This new version, the first version of which was published on November 16, 2011, allowed banks, economic operators and individuals a better understanding of foreign exchange regulations and significantly improved access to the provisions applicable to commercial and financial operations between Morocco and the rest of the world, explains the OC in a press release sent to MAP.
It has succeeded in bringing together all the provisions of the foreign exchange regulations scattered until then in the various Instructions, Circulars, Notes and Letters addressed to approved intermediaries, according to the same source.
As part of the OC’s efforts to simplify foreign exchange regulations, this instruction will be subject to annual review, notes the OC in its press release, adding that this new version brings significant improvements, both in substance and in form, by integrating all the measures taken during the year 2012. It also announces the new provisions applicable from January 2013.
Furthermore, it is in full consultation with approved intermediary banks and professionals that the OC has updated the General Instruction for Foreign Exchange Operations taking into account the proposals of its various partners.
Relaxation of the conditions for executing transfers for income savings, simplification of the formalities required for the transfer of income from foreign investments in Morocco, liberalization of the transfer for participation fees in fairs and exhibitions abroad and many other measures have brought flexibility and ease to foreign exchange operations.
The OC also noted in its press release that the tourist allocation, maintained by the new version of the General Instruction for Foreign Exchange Operations at 40,000 dirhams per year, can now be used in a single trip instead of the limit of 20,000 dirhams per trip provided for by the previous Instruction.
MAP
