OTHER REGULATIONS
Currencies and foreign exchange
Importing foreign currencies and dirhams
Non-residents are entitled to bring foreign currency into the country freely, without any limit on the amount. This foreign currency may take the form of banknotes, traveller’s cheques, bank or postal cheques, letters of credit, debit or credit cards, or any other means of payment denominated in foreign currency.
Where the value of imported foreign currency reaches or exceeds 100,000 dirhams, the MRE must declare it to the customs authorities (a form must be completed). This declaration is required, in the event of an inspection, for the possible re-export of any remaining foreign currency at the end of the stay in Morocco.
If the value is less than 100,000 dirhams, the declaration is optional. It may be useful to provide evidence of any re-export of any remaining amount exceeding 40,000 dirhams.
In all cases, the currency declaration is valid for a single use (a single stay) and for a maximum period of six months. It may only be used by the declarant themselves.
Furthermore, it is important to note that the import of dirhams is permitted up to a maximum of 2,000 dirhams. Exceeding this authorised limit constitutes a foreign exchange offence (penalties may apply in accordance with the regulations in force).
Exchanging foreign currency for dirhams
Imported foreign currency may be converted, in full or in part, into dirhams at banks or establishments authorised to carry out over-the-counter foreign exchange transactions, such as hotels and approved bazaars. They may also be deposited (in Morocco) into a personal account held in foreign currency or convertible dirhams. In this case, an international credit card, valid for use in Morocco and abroad, may be issued to the Moroccan expatriate by their bank.
It should be noted that when exchanging foreign currency for dirhams, it is important to keep the exchange receipt, as this can be used at a later date to exchange any remaining dirhams back into foreign currency, should the need arise.
Re-export of remaining foreign currency and export of dirhams (Moroccans living abroad on a temporary basis)
With the exception of foreign currency credited to a convertible dirham account, Moroccans living abroad (MREs) may repurchase the amount of foreign currency repatriated and sold on the foreign exchange market over the last twelve months, up to a limit of 100,000 dirhams. This transaction may be carried out at banks, upon presentation of the import declaration completed on entry into the country, as well as the original documents in the applicant’s name justifying the repatriation of the foreign currency (foreign exchange slips, foreign currency purchase forms for customers, etc.). In the event of a customs inspection, proof of cash currency exports can be provided by presenting the relevant exchange slips.
With regard to the export of dirhams, the permitted amount is limited to 2,000 dhs. Any amount exceeding this authorised limit constitutes a foreign exchange offence (penalties may apply in accordance with the regulations in force).
Allowance for personal travel or medical treatment abroad (MREs on a temporary stay)
Moroccans living abroad (MREs) may be eligible for a foreign currency allowance for personal travel (tourism, religious purposes, etc.) from Morocco, amounting to 100,000 dirhams per calendar year. This amount may be increased by a supplement equivalent to 30 per cent of the income tax paid in Morocco during the previous year, subject to a total limit of 300,000 dirhams. For pensioners, this supplement may be granted on the basis of proof of payment of income tax for the year in which they retired.
In the specific case of medical treatment abroad (medical procedures, medical transport, purchase of medicines, orthopaedic equipment, costs of medical evacuation or repatriation of remains, etc.), the amount of the grant corresponds to that shown on the supporting invoices (or payment receipts, in the case of a claim for reimbursement).
