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).



FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.