Since January 1, 2026, Morocco has been applying a new version of the General Instruction for Foreign Exchange Operations, known as IGOC 2026. Behind the technical wording, the reform brings very practical flexibility for individuals, companies, start-ups, students abroad, and digital operators.

The goal is not to remove exchange controls, but to adapt them to increasingly common international uses: travel, digital payments, software subscriptions, expansion abroad, and the financing of studies. Here are the main points to understand what has changed in practice.

What exactly is IGOC 2026?

IGOC 2026 is the new instruction issued by Morocco's Foreign Exchange Office to govern operations in foreign currency. It updates authorized ceilings and clarifies several rules for outbound payments and transfers.

  • Effective from January 1, 2026
  • A simplification effort for common use cases
  • A clear push to support digital activity and international expansion
  • A framework that remains supervised by the Foreign Exchange Office

What does exchange regulation cover?

Exchange regulation governs the use of foreign currencies, transfers abroad, international payments, and certain outbound investments. In practice, foreign currency cannot be used freely without ceilings and conditions set by the rules.

  • Payments made abroad with Moroccan bank cards
  • Online services and subscriptions billed in foreign currency
  • Travel, health, and study expenses abroad
  • International business spending and investment

Personal travel: a ceiling now reaching MAD 500,000

This is the most visible measure of the reform. The personal travel allowance can now reach up to MAD 500,000 per person per year, significantly increasing the foreign-currency spending capacity available for travel abroad.

  • Hotels, restaurants, and transport
  • Shopping and daily expenses abroad
  • Medical or emergency spending
  • Payments through an international Moroccan bank card

How does the new travel allowance work?

The allowance combines an automatic base of MAD 100,000 per year with an additional component equal to 30% of the income tax paid in Morocco, capped at an extra MAD 400,000.

  • Automatic yearly base: MAD 100,000
  • Additional allowance: 30% of paid income tax
  • Additional cap: MAD 400,000
  • Maximum total: MAD 500,000 per year

A simple example: a taxpayer who paid MAD 200,000 in income tax may obtain an extra MAD 60,000. The total yearly allowance then reaches MAD 160,000.

Business travel: companies also gain flexibility

Businesses also benefit from higher ceilings for international spending related to professional travel. This makes it easier to fund business development trips, trade fairs, and international market exploration.

  • Ceiling increased to MAD 1 million per year for companies without a foreign-currency account
  • Ceiling increased to MAD 1.5 million per year for categorized operators
  • Better capacity to finance teams abroad
  • A framework more aligned with internationally active companies

E-commerce and digital services: more room to operate

IGOC 2026 also reflects digital usage. For individuals and Moroccans living abroad, the e-commerce allowance rises from MAD 15,000 to MAD 20,000 per year. This directly affects software subscriptions, online purchases, and digital services billed in foreign currency.

  • Subscriptions to tools such as Canva, ChatGPT, or Google Workspace
  • Advertising spending on Meta Ads or Google Ads
  • Software and SaaS purchases
  • Payments to international digital platforms

Start-ups: a more ambitious framework for international growth

Technology start-ups are among the biggest winners of the reform. Their e-commerce allowance rises to MAD 2 million per year, and they may invest abroad up to MAD 10 million per year without a seniority requirement and without certified accounts.

  • E-commerce allowance increased from MAD 1 million to MAD 2 million
  • Outbound investments allowed up to MAD 10 million
  • A strong measure for SaaS, AI, and tech projects
  • Less friction to expand on international markets

Students abroad: closer alignment with the real cost of living

Student living allowances are also revalued. The monthly ceiling rises to MAD 15,000 from MAD 12,000, in recognition of higher housing, transport, and everyday living costs in major student cities.

  • New ceiling: MAD 15,000 per month
  • Previous ceiling: MAD 12,000 per month
  • A more realistic measure for affected families
  • Better alignment with real study-abroad costs

More openness, but not full freedom

IGOC 2026 expands possibilities, but it does not remove control requirements. Regulatory ceilings, documentation, traceability, and transfer monitoring remain core features of the framework.

  • Regulatory ceilings still apply
  • Supporting documents may still be required
  • Banks continue to play a filtering and execution role
  • Compliance remains essential to avoid delays or blocked transactions

What are the practical implications for individuals and businesses?

The main gain is flexibility. But flexibility also requires better organization: identifying the right ceilings, anticipating documentation needs, and monitoring international operations correctly.

  • More fluid travel and international spending
  • Better ability to buy digital services
  • Concrete support for innovative companies
  • A stronger need for disciplined compliance management

In practice, the real issue is not only knowing the new amounts. It is understanding the conditions of use, the bank processes involved, and the compliance habits needed to avoid operational friction.

Sources: Maroc Diplomatique, Médias24, FNH, Le Desk