Hespress Moroccans of the World Photo: W.M. Hespress – Taoufik BoufartihWednesday 9 August 2023 – 10:00
With the advent of the summer holidays, which is known for the influx of members of the Moroccan community residing abroad to the homeland, coinciding with the arrival of groups of foreign tourists from different countries, who prefer to spend their holidays in the Kingdom, economic mobility and monetary transactions are revitalized, along with many professional sectors, such as the currency exchange sector.
And the exchange sector in Morocco experienced a contraction during the Corona crisis and the accompanying closure of the borders, before recovery returned to it after the resumption of air and land flights and the opening of borders in the face of Moroccan communities abroad and foreign tourists.
Abdel Razak El Mahmoudi, head of the Moroccan Federation of Exchange Companies, said, “The exchange sector in the Kingdom is witnessing a great recovery during the summer season, as it records positive numbers as a result of the influx of Moroccan expatriates residing abroad and tourists who are the main customers of exchange companies in Morocco.”
Al-Mahmoudi added, in a statement to the electronic newspaper Hespress, that “the recovery that the sector is experiencing varies from one side to the other, as the northern regions are on the top of the regions in which currency exchange offices achieve important numbers, in addition to the regions of Marrakech-Safi and Beni Mellal Khenifra.”
The same spokesman explained that “the numbers achieved by exchange companies recently returned to levels before the Corona pandemic period, as the sector experienced a significant decline and was on the verge of bankruptcy,” stressing that “it has become responding positively to the needs of the market and contributes significantly to the recovery of the economy.” national through hard currency.
Regarding the difficulties facing the currency exchange sector, the head of the Moroccan Federation of Exchange Companies highlighted that “obligating the owners of currency exchange shops, by law, and under penalty of punishment, to keep only a certain amount of currencies, and to pay the surplus to Bank Al-Maghrib in less than 24 hours, is one of The most important difficulties facing the sector,” explaining that “exchange shops are forced to pay currencies to the Central Bank and sell them to it, even at an inappropriate price, with the consequent loss.”
It is noteworthy that the Exchange Office had issued a set of periodicals of interest to regulate this sector, similar to Circular No. 1/2021 addressed to companies licensed to engage in manual exchange activity, urging them to adhere to a set of requirements and obligations to combat money laundering and terrorist financing, as they must specify Customers and beneficiaries of the exchange process by keeping documents related to the financial operations that they perform, in addition to obliging them to appoint a qualified official to process and report suspicious exchange operations.
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