On February 25, 2025, the Office des Changes published Circular No. 2/2025, which pertains to hedging operations against foreign exchange risk associated with capital transactions carried out by non-residents.
Developed in consultation with key stakeholders, including Bank Al-Maghrib and the Moroccan Association of Trading Rooms, this new circular is part of the ongoing measures to support the reform of the exchange rate regime. Its objective is to stimulate the capital market and encourage foreign investment in Morocco.
Complementing the provisions of the General Instruction for Foreign Exchange Transactions issued on January 2, 2024, this circular introduces new foreign exchange facilities for hedging against currency risk related to capital transactions carried out by non-residents, in accordance with the prevailing exchange regulations.