Morocco Export Regulations: Foreign Currency Repatriation and Exchange Obligations for Exporters

Export is a strategic lever for Moroccan businesses, yet it comes with stringent exchange control regulations. Repatriating export earnings, maintaining foreign currency accounts, and ensuring documentary compliance are all requirements every exporter must master. The General Instruction on Exchange Operations (IGOC) 2026 introduces key updates that simplify certain aspects while reinforcing others. This article analyzes the IGOC 2026 provisions related to the export of goods and services, highlighting the rights, obligations, and novelties applicable to exporters.

Export of Goods: Framework and Obligations (Articles 84-95)

Definition and Domiciliation

The export of goods covers any sale of merchandise to a foreign buyer, resulting in collection in foreign currency or convertible Dirhams. Similar to imports, every export operation must undergo prior bank domiciliation. The export file typically includes the commercial invoice, transport documents, customs declaration, and any specific documents related to the nature of the goods.

The 150-Day Repatriation Obligation (Articles 87-89)

The central obligation for exporters is the repatriation of export proceeds within 150 days from the date of merchandise shipment. This deadline covers the entire cycle: shipment, receipt by the buyer, invoicing, and collection. In case of non-repatriation within the deadline, the exporter must justify the delay to their domiciliary bank. Failing justification, the Exchange Office may initiate proceedings for violation of exchange regulations.

Modes of Collection

Export earnings can be collected via:

• International bank transfer (SWIFT)
• Documentary credit issued by the buyer's bank
• Documentary collection
• Certified cheque in foreign currency

Regardless of the collection method, funds must pass through the domiciliary bank of the export file.

Exporters' Foreign Currency Accounts (Articles 90-95)

The Right to Retain 70%

One of the flagship measures of IGOC 2026 is the possibility for exporters to retain 70% of their export earnings in a foreign currency account opened with their bank. The remaining 30% must be converted into Dirhams on the exchange market. This foreign currency account can be used to:

• Pay for imports of goods and services necessary for business activities
• Cover professional expenses abroad (travel, trade fairs, prospecting)
• Finance authorized investments abroad
• Remunerate foreign service providers

Opening Conditions

The opening of an exporter's foreign currency account is subject to justifying a regular export activity. The bank verifies the reality of exports based on domiciled files and actual collections. Managing these financial flows effectively is crucial, and professional accounting services can be invaluable.

Export of Services: Expanded Definition (Articles 96-102)

A Modernized Definition

The IGOC 2026 broadens the definition of service exports to encompass all services provided by a resident to a non-resident, resulting in foreign currency collection. This now explicitly includes:

• IT and software development services
• Consulting, engineering, and architecture services
• Outsourcing services (BPO, KPO)
• Distance learning and training services
• Creative and digital content services

For businesses looking to offer these services internationally, securing intellectual property through trademark registration is a strategic move, and developing a compelling business plan is essential for market entry.

The Mandatory Contract (Article 98)

Any export of services must be supported by a written contract between the resident provider and the non-resident client. This contract must specify the nature of the service, the amount, the billing currency, payment terms, and execution schedule. The contract is submitted to the domiciliary bank during the domiciliation of the service export file. Seeking legal advice can ensure these contracts are robust and compliant.

Repatriation and Deadlines

Revenues from service exports are subject to the same 150-day repatriation obligation. Service exporters also benefit from the right to retain 70% of collections in a foreign currency account.

Overseas Markets (Articles 103-105)

Moroccan companies executing overseas contracts (works, studies, supplies) benefit from a specific regime. IGOC 2026 provides for:

• The possibility to keep abroad 15% of the total contract amount or 70% of the profit margin to cover local expenses
• Repatriation of the balance within contractual deadlines
• The opening of bank accounts abroad for the duration of the contract, subject to declaration to the Exchange Office

This regime aims to facilitate the operational execution of contracts while ensuring profit repatriation.

Optimization and Compliance: Key Aspects for Exporters

Mobilization of Foreign Currency Receivables (Article 106)

Exporters can mobilize their foreign currency receivables with their banks through international factoring or discounting of foreign currency drafts. These operations improve cash flow without waiting for payment due dates from foreign buyers.

Deductible Export-Related Expenses (Article 107)

Certain expenses can be directly charged against export earnings before repatriation:

• Sales commissions paid to foreign commercial agents (capped)
• Transport and insurance costs borne by the exporter
• Rebates and credit notes granted to the foreign buyer
• Guarantee and after-sales service costs abroad

These deductions must be justified and documented to be accepted by the domiciliary bank. For comprehensive support in managing these complex financial and regulatory aspects, iHub offers specialized accounting and legal advisory services to ensure your export operations are fully compliant and optimized.