Global Economy
Morocco’s Office des Changes Posts 7% Revenue Rise for 2025
The Moroccan Office des Changes announced a 7 % increase in its 2025 revenue, reaching MAD 491.7 million. While financial income surged 33 % to MAD 28.65 million, non‑recurring income fell 29 % and total expenses grew 8 % year‑on‑year, driven mainly by higher staff and external costs.
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Morocco – July 25, 2026
Revenue climbs 7 % in 2025
The Office des Changes reported a total revenue of MAD 491.7 million for 2025, up 7 % from the previous year.
According to its latest management report, the 2024 one‑off provision recovery of MAD 72 million is no longer affecting the results. In 2025, the extraordinary line was reduced to MAD 0.94 million, while financial income surged 33 % to MAD 28.65 million.
Non‑recurring income, however, dropped sharply to MAD 61.47 million, a decline of 29 % compared with 2024.
Cost structure
- Total expenses reached MAD 356.18 million, an 8 % increase over the prior year.
- Operating expenses rose 10 % to MAD 167.23 million, driven mainly by a steady 3.6 % rise in personnel costs and higher external charges.
- Non‑operating expenses grew 6.6 % versus 2024, largely due to a higher contribution to the State Budget.
These figures suggest a return to a normalized financial footing after the exceptional adjustment recorded in 2024.