The Office des Changes, Morocco’s foreign exchange regulator, has announced a net profit of 169.82 million MAD for 2023, representing a 2% increase from the previous year, according to its annual management report.
The office’s operational revenue increased by 14%, amounting to 313.46 MDH.
The financial results demonstrated a 39% year-over-year growth, reaching a total of 17.11 million MAD. The Office’s cash balance at the end of 2023 stood at 557.63 million MAD.
Revenues grew by 5% compared to the previous year, with 90.88% generated from exchange commissions. The International Conference and Exhibition Center of the Office des Changes (CICEC) saw a 75% rise in activity, while income from financial products increased by 38% due to interest from term deposits.
The entity’s revenues increased by 5% compared to the previous year, with 90.88% of income derived from exchange commissions.
The International Conference and Exhibition Center of the Office des Changes recorded a 75% surge in activity and a 38% growth in revenue from financial products.
The expenses of the Office exhibited a 6.79% surge from the 2022 figures. The 2023 total balance sheet reached 886.18 million MAD, representing a 23%.