Morocco Allows Individuals to Open Hard-Currency Accounts

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange point in Casablanca, Morocco,June 29, 2017. REUTERS/Youssef Boudlal/Illustration
A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange point in Casablanca, Morocco,June 29, 2017. REUTERS/Youssef Boudlal/Illustration
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Morocco Allows Individuals to Open Hard-Currency Accounts

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange point in Casablanca, Morocco,June 29, 2017. REUTERS/Youssef Boudlal/Illustration
A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange point in Casablanca, Morocco,June 29, 2017. REUTERS/Youssef Boudlal/Illustration

Moroccans who receive income from foreign sources are now allowed to open a hard-currency account or a convertible dirham account. Earlier, the income had to be converted to the Moroccan dirham within one month maximum of collecting the amount.

The Foreign Exchange Office (Office des Changes), that controls the system of foreign exchange, announced the new procedures to simplify the exchange operations carried out by residing individuals.

The procedures include uplifting the limit of the currency allocated for tourism, and e-trade – they also empower migrant Moroccans who transferred their taxation residency to Morocco in order to settle the fees and dues of loans related to licensed premises abroad.

The statement revealed that the new prerequisites allow banks to open a hard-currency account or a convertible dirham account for individuals unregistered in the commercial register and who receive incomes from foreign sources so that they cover their current spending abroad.

As for the fees and dues resulting from abroad real-estate loans, the statement determined the percentage of allowed transactions at 5 of the property value.

In the same context, the Foreign Exchange Office declared doubling the limit of amounts allocated for tourism from MAD100k to MAD200k (USD10.5k to USD21k) per annum. The remaining amount can be used at the end of the year to cover the coming year’s tourism expenses.

The Office further rose the annual limit of amounts dedicated to e-commerce from MAD10k to MAD15k (USD1.05k to USD1.58k).



Saudi Arabia Stockpiles Surplus Oil Production to Face Global Crises

Employees at Aramco (Asharq Al-Awsat)
Employees at Aramco (Asharq Al-Awsat)
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Saudi Arabia Stockpiles Surplus Oil Production to Face Global Crises

Employees at Aramco (Asharq Al-Awsat)
Employees at Aramco (Asharq Al-Awsat)

Saudi Arabia has long followed a clear and transparent approach to preserving stability in global energy markets. Historically, it has consistently adhered to all decisions issued by the OPEC+ alliance and played a leading role alongside other producers to ensure compliance and promote the collective good.

Recently, the Kingdom briefly increased production volumes. However, the additional output was neither marketed domestically nor exported abroad. Instead, it was directed as a precautionary measure to strengthen strategic reserves, improve supply flows between the country’s eastern and western regions, and rebalance stocks held in overseas storage facilities.

Asharq Al-Awsat reached out to energy specialists to understand the significance of this move for energy security. Experts explained that building strategic reserves allows Saudi Arabia to respond swiftly to customer needs in the event of political crises, regional wars, adverse weather, or other unforeseen disruptions.

Fouad Al-Zayer, former head of data services at OPEC and an energy expert, said the Kingdom maintains millions of barrels in storage both inside and outside its borders. These reserves serve as a buffer during emergencies, enabling the country to compensate for supply shortfalls within a short timeframe. He emphasized that this stored crude is strategically critical in the face of geopolitical tensions and conflicts.

According to Al-Zayer, Saudi Arabia relies on an extraordinary reserve capacity unmatched by any other producer. The country currently produces more than 9 million barrels per day, with the capability to pump even higher volumes if needed. He noted that Saudi reserves alone account for 3 million barrels per day out of roughly 5 million barrels in global spare capacity, underscoring Riyadh’s central role in stabilizing markets and upholding its commitments under OPEC+ agreements.

He added that Saudi Arabia also hosts the International Energy Forum, which works to improve data quality and transparency in the sector. In June, the Kingdom’s output reached about 9 million barrels per day, with the modest increase attributed to logistical considerations. Al-Zayer stressed that it is common for producers to temporarily boost production to support maintenance operations or replenish storage, without impacting the broader market, since these barrels are not immediately traded.

He reiterated that Saudi Arabia has always honored OPEC+ production targets and has played a pivotal role in encouraging other members to meet their quotas.

Meanwhile, Dr. Mohammed Al-Sabban, former senior adviser to the Saudi Minister of Petroleum, explained that the Kingdom has consistently proven itself a reliable and secure supplier to global energy markets. He noted that Saudi Arabia’s recent statement clarified the reasons behind the June production uptick, emphasizing that the additional oil was neither destined for local consumption nor for export but was solely intended to refill domestic and foreign storage. He said such measures do not represent any breach of commitments, unlike the practices of some other countries.

Al-Sabban pointed out that Saudi Arabia has often gone beyond required cuts to help stabilize markets. Even the recent production increases, he said, fall within the scope of voluntary adjustments agreed upon by OPEC+ members. He noted that in July, Saudi Arabia raised production in line with credible studies indicating the market could absorb these volumes without disruption.