Morocco’s foreign exchange framework underwent its most significant overhaul in recent years on January 1, 2026, when the Instruction Générale des Opérations de Change (IGOC) 2026 entered into force. This landmark regulation, issued by the Office des Changes, replaces the 2013 instruction and substantially liberalizes currency operations for foreign investors and non-resident companies operating in Morocco.
On February 17, 2026, the Office des Changes held a dedicated information session with the Confédération Générale des Entreprises du Maroc (CGEM), presenting the practical implications of the new framework to the business community. Law firms advising international clients have since been reviewing compliance requirements and identifying the strategic opportunities this reform creates.
Key Changes Under IGOC 2026
Expanded Operational Thresholds
The IGOC 2026 raises the ceilings for current account operations that authorized banking intermediaries may execute without prior approval from the Office des Changes. For foreign companies established in Morocco, this translates to reduced administrative burden for routine treasury operations, supplier payments, and service fee transfers to parent entities.
Simplified Repatriation Procedures
Foreign investors holding stakes in Moroccan companies through registered Foreign Direct Investment (FDI) structures may now repatriate dividends, capital gains, and share sale proceeds through simplified procedures. The documentary requirements have been streamlined: a valid investment registration certificate, tax clearance confirmation, and the most recent audited financial statements suffice for most repatriation operations.
Intragroup Financing Framework
The 2026 instruction introduces a structured framework for intragroup loans between Moroccan subsidiaries and their foreign parent or affiliate companies. Interest rates must comply with arm’s length benchmarks recognized by the Office des Changes, and loan agreements require standard registration through an authorized intermediary.
Foreign Currency Accounts
Non-resident individuals and entities with established economic ties to Morocco benefit from an expanded scope for foreign currency account operations. Permitted uses now include financing real estate acquisitions and certain contracts for services rendered by Moroccan providers.
Need legal guidance on IGOC 2026 compliance? Cabinet Lafrouji Avocats advises foreign investors on investment registration, repatriation procedures, and intragroup financing structuring. Contact us at +212 (5) 22 47 55 29 for a targeted assessment of your currency operations in Morocco.
Compliance Requirements for Foreign Investors
Law firms emphasize that liberalization does not eliminate compliance obligations — it redirects them. The key requirements under the new framework are:
Investment Registration: Foreign Direct Investments must be registered with the Office des Changes through an authorized bank within one month of execution. Late registration complicates subsequent repatriation and may trigger administrative regularization procedures.
Documentary Records: While prior approvals are reduced, companies must maintain comprehensive records of all foreign exchange operations for a minimum of ten years. The Office des Changes conducts periodic audits of authorized intermediaries, and documentation gaps can result in significant penalties.
Transfer Pricing Compliance: Intragroup transactions must reflect market conditions. The Office des Changes and the Direction Générale des Impôts coordinate controls to detect non-arm’s length pricing in intercompany services, royalties, and loan arrangements.
Annual Statistical Reporting: Companies with foreign capital participation above MAD 50 million must submit annual statistical reports to the Office des Changes detailing their foreign exchange operations by category.
Strategic Implications for Foreign Investors
The IGOC 2026 creates structuring opportunities that law firms are actively advising clients to consider:
- Regional Holding Platforms: Simplified repatriation makes Moroccan holding structures more attractive as regional platforms for sub-Saharan Africa operations, with investment income flowing more efficiently to parent entities
- Real Estate Investment: Expanded foreign currency account flexibility benefits non-resident property investors financing acquisitions through foreign-sourced funds
- Joint Ventures: Clearer intragroup financing rules reduce legal uncertainty for partnerships between foreign and Moroccan companies in infrastructure, energy, and manufacturing sectors
Practical Compliance Steps
- Audit existing FDI registrations to verify all foreign investments are properly declared with the Office des Changes through authorized banks
- Review intragroup loan agreements for compliance with the new interest rate benchmarks and documentation requirements
- Update repatriation procedures to take advantage of streamlined approvals while ensuring required documentation is prepared in advance
- Engage a Moroccan law firm to build a compliance calendar aligned with your operational cycle
See also: Morocco Finance Law 2026 — Tax Changes for Foreign Investors and our Finance Law expertise.
Legal Services for Foreign Exchange Compliance — Cabinet Lafrouji Avocats
Cabinet Lafrouji Avocats provides specialized advisory for foreign investors navigating Morocco’s foreign exchange regulations:
- IGOC 2026 Compliance Audit: Review of investment structures, FDI registration status, and intragroup arrangements against IGOC requirements
- Investment Registration: Preparation and filing of investment declarations through authorized banking intermediaries
- Repatriation Planning: Legal structuring of dividend distributions, capital repatriation, and asset disposal proceeds
- Intragroup Financing: Drafting of loan agreements compliant with IGOC 2026 and Moroccan transfer pricing rules
- Regulatory Representation: Representation before the Office des Changes in inspections, audits, or administrative proceedings
Contact us:
Cabinet Lafrouji Avocats
64 rue Taha Houssein
20000 Casablanca — Maroc
Telephone: +212 (5) 22 47 55 29
Email: contact@lafroujiavocats.com
Legal Disclaimer: This article provides general information about Morocco’s IGOC 2026 foreign exchange framework and does not constitute legal advice. Foreign investors should consult qualified Moroccan legal counsel to assess their specific compliance requirements and investment structures.
