IGOC 2026 Explained: Morocco’s New Foreign Exchange Rules for Businesses
On 1 January 2026, Morocco implemented a major update to its foreign exchange regulatory framework when the Office des Changes issued the new General Instruction on Exchange Operations (IGOC 2026). The reform, which is part of Morocco’s broader Strategic Vision 2025–2029, aims to loosen previous capital controls and support investment, trade, and economic mobility.
Under the IGOC 2026, companies certified by the Digital Development Agency (ADD), primarily startups and digital enterprises, are permitted to make foreign investments of up to 10 million Moroccan dirhams (MAD) per year without the requirements of three years of operations or audited accounts previously enforced under older regulations.
The reform provides substantial opportunities for Moroccan businesses to expand internationally, acquire technology, or engage in cross-border partnerships more efficiently. By simplifying procedural requirements and increasing investment flexibility, the government aims to encourage private sector growth and attract both domestic and foreign investors to the country’s emerging technology ecosystem.
Early indications suggest that IGOC 2026 is already having a positive impact. In early 2026, Morocco’s startup ecosystem has shown increased fundraising activity, with regional data indicating approximately $563 million raised across the MENA region and Moroccan startups securing around $17 million of that total in January alone. While these figures remain modest in comparison to larger regional markets, they signal improving investor confidence and increased momentum in capital flows that can now be deployed more efficiently as a result of FX liberalisation.
At the same time, IGOC 2026 introduces important compliance obligations. Access to the expanded FX allowances is conditional on proper certification and the maintenance of detailed records for all foreign transfers. Companies must be able to demonstrate that funds are allocated exclusively to approved business activities and maintain sufficient documentation to withstand regulatory review. Failure to meet these standards may result in administrative sanctions, loss of certification, or restriction from using the new FX privileges, potentially undermining the benefits of the reform.
From a legal and commercial perspective, the 2026 FX reform creates both opportunity and responsibility. Companies that implement robust internal controls and FX compliance systems are well positioned to leverage the liberalised framework for regional expansion and strategic acquisitions. Conversely, failure to meet certification and record-keeping requirements may result in regulatory sanctions and reputational harm, eroding the advantages offered by IGOC 2026.
