Foreign exchange controls in Morocco’s free zones are largely relaxed: Law No. 19-94 exempts companies established in an industrial acceleration zone (IAZ) from foreign trade and exchange regulations for their operations, and banks may open foreign currency and convertible dirham accounts for them. In practice, collecting export receipts, paying foreign suppliers and repatriating profits are free, subject to the bank documentation provided for by the General Instruction on Foreign Exchange Operations (IGOC) of the Office des Changes. Here are the legal framework, how foreign currency accounts work, the obligations that remain and the pitfalls to avoid.
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The exchange regime in free zones: a regulated freedom
One of the major assets of Morocco’s free zones lies in their derogatory exchange regime. Unlike companies established in the common customs territory, free zone companies enjoy extensive freedom to carry out transactions in foreign currencies.
Who administers foreign exchange controls in Morocco?
Foreign exchange controls refer to all the rules governing financial transactions between Morocco and abroad: purchases and sales of foreign currency, capital transfers, repatriation of export receipts, payment of dividends to non-resident shareholders. This system is administered by the Office des Changes, which issues the exchange regulations and publishes the General Instruction on Foreign Exchange Operations (IGOC), the reference text applied by banks.
The dirham is a partially convertible currency: most current transactions (imports, services, dividends) are free but regulated, while capital transactions remain subject to authorisation or conditions. This is precisely where the free zone regime changes the game for exporting companies.
What is the legal framework for industrial acceleration zones?
Export free zones, now industrial acceleration zones (IAZ), are governed by Law No. 19-94. This text provides that activities carried out in an IAZ are exempt not only from customs regulations, but also from foreign trade and exchange regulations. The IGOC also sets out specific provisions for transactions carried out with IAZ: it is the combination of the two texts that defines what your bank will agree to process, and with which supporting documents. For the tax side of the regime, see the tax and social benefits of free zones.
The fundamental principles of foreign exchange controls in free zones
Companies established in a free zone in Morocco may:
- Open and manage foreign currency bank accounts: EUR, USD, GBP and other convertible currencies, with approved banks operating in the free zone.
- Invoice and be paid in foreign currency: transactions with foreign customers and other free zone entities may be carried out in any currency.
- Freely transfer funds abroad: dividends, loan repayments, royalties and disposal proceeds may be repatriated without prior authorisation from the Office des Changes, subject to the bank documentation of flows provided for by the IGOC.
- Borrow in foreign currency abroad: external financing is not subject to the usual foreign exchange control restrictions.
How do foreign currency accounts work in free zones?
Banks are authorised to open foreign currency accounts and convertible dirham accounts in the name of companies established in an industrial acceleration zone. These accounts make it possible to collect export receipts, pay foreign suppliers and manage international cash flow without the usual foreign currency surrender formalities.
Credit line and overdrawn account. Where a credit line is granted by a Moroccan bank, the company’s foreign currency account may be overdrawn up to the ceiling set in the contract — a useful flexibility for financing the operating cycle.
Bringing dirhams into the zone. This follows a precise formal procedure: an export declaration endorsed by the customs services, accompanied by a bank certificate attesting that the dirhams come from a foreign currency or convertible dirham account. This mechanism preserves the zone’s “outside the exchange territory” logic while allowing the necessary local payments.
For the step-by-step banking mechanics, see our guide on opening a bank account in a free zone in Morocco.
Remaining restrictions and obligations
Freedom of exchange in free zones is not total. Certain obligations remain:
- Sales on the local market: sales on the Moroccan market (common customs territory) are generally subject to ordinary foreign exchange control rules and must be invoiced in dirhams.
- Statistical returns: the company remains subject to periodic statistical returns to the Office des Changes.
- Anti-money laundering: KYC (Know Your Customer) and AML (Anti-Money Laundering) rules apply in full.
- Transfer documentation: banks require supporting documents for transfers exceeding certain thresholds.
Capital transactions. Any entry into the capital or restructuring of the shareholding of a company established in an IAZ should be reviewed against the version of the General Instruction on Foreign Exchange Operations (IGOC) in force before any transaction, in particular to secure the later repatriation of dividends and sale proceeds.
Table of authorised vs restricted operations
| Operation | Free zone | Common customs territory |
|---|---|---|
| Foreign currency account | ✅ Free | ❌ Subject to conditions |
| Transfer of dividends abroad | ✅ Free | ✅ Free (after CIT paid) |
| External borrowing in foreign currency | ✅ Free | ⚠️ Authorisation required |
| Invoicing in foreign currency with a local customer | ⚠️ Limited | Regulated: in dirhams, except for exemptions provided for by the regulations |
| Repatriation of capital | ✅ Free | ✅ Free |
IAZ or CFC status: which exchange regime for your structure?
The favourable exchange regime is not limited to IAZ. Casablanca Finance City (CFC) status, governed by the decree-law of 30 September 2020, also comes with exchange facilities intended for financial companies, holdings and regional headquarters. The logic differs: the IAZ reasons in terms of customs territory and export activity, CFC in terms of an international financial centre. The right choice depends on your actual activity and the group structure; in both cases the precise terms fall under the Office des Changes and are validated on a case-by-case basis. See our analysis CFC or free zone in Morocco.
How to keep track of changes in exchange regulations?
The Office des Changes regularly updates its regulations, in particular through updates to the General Instruction on Foreign Exchange Operations and its circulars. Before any structuring transaction (external financing, capital restructuring, new flows), you should refer to the version of the IGOC in force published on the official website of the Office des Changes and validate the arrangement with your bank and your chartered accountant.
Foreign exchange controls in Tanger Free Zone: practice on the ground
It is in the free zones of Tangier — Tanger Free Zone (TFZ), Tanger Automotive City and the logistics zones of the Tanger Med platform — that this exchange regime is experienced daily: export receipts in euros, payments to Asian suppliers in dollars, dividend upstreaming to European parent companies. Each local bank applies the IGOC through its own procedures (KYC, supporting documents, reporting thresholds): a well-built documentary file makes the difference between a transfer executed in a few days and a blocked transaction.
Cabinet Dami & Associés has an office within Tanger Free Zone itself and works daily with the local banks. Our team of free zone chartered accountants in Tangier prepares your account agreements, structures your flows and documents your transfers — from company formation through our free zone business setup service, then on an ongoing basis through tax and social advisory. To compare the zones of the region: free zones of Tangier.
Conclusion
Freedom of exchange in free zones is a significant competitive advantage for exporting companies and international groups. Cabinet Dami & Associés supports you in understanding and optimising your foreign exchange management in a free zone in Morocco.
Need advice on this topic? Cabinet Dami & Associés, chartered accountants with offices in Tangier and Casablanca, will reply within 24 hours.
FAQ — Foreign exchange controls in Morocco free zones
Are free zone companies subject to foreign exchange controls?
For their operations, companies established in an industrial acceleration zone are exempt from most of the formalities of the exchange regulations (Law 19-94). Obligations remain: bank documentation of flows, statistical returns and, in certain cases, authorisations for capital transactions.
Can an IAZ company open a foreign currency account?
Yes. Banks are authorised to open foreign currency and convertible dirham accounts in the name of companies established in an IAZ, to collect export receipts and settle international transactions.
Can the foreign currency account be overdrawn?
Yes, when a Moroccan bank grants the company a credit line: the account may be overdrawn up to the ceiling set in the contract.
How do you bring dirhams into an industrial acceleration zone?
Under cover of an export declaration endorsed by customs, accompanied by a bank certificate attesting that the funds come from a foreign currency or convertible dirham account.
Is the repatriation of dividends free from a free zone?
Transfers abroad are largely facilitated, subject to the documentation required by the bank and the applicable tax treatment: see our article on dividend repatriation from a free zone.
Further reading
Official source: exchange regulations — Office des Changes: oc.gov.ma.
The information in this article is provided for guidance only and may change as laws and regulations evolve. For an analysis tailored to your situation, contact Cabinet Dami & Associés — Tanger Free Zone: +212 539-39-81-18.
