The Moroccan Exchange Office (Office des Changes) closed the year 2023 with a net income of 169.82 million Moroccan dirhams (MAD), marking a 2% increase compared to the previous year.
Strong operational and financial performance
In 2023, the Office’s operating income surged by 14% from the previous year, reaching 313.46 million MAD, as highlighted in the Office’s annual management report. The financial results also saw a significant rise of 39%, totaling 17.11 million MAD. Additionally, the Office’s cash reserves amounted to 557.63 million MAD by the end of 2023.
Revenue growth driven by exchange commissions
The Office des Changes reported a 5% increase in revenues for 2023 compared to 2022. The bulk of these revenues, approximately 90.88%, came from exchange commissions. A noteworthy development was the 75% growth in activities at the International Conference and Exhibition Center (CICEC), a facility managed by the Office. This growth, combined with a 38% increase in financial products—largely driven by interest income from term deposits—contributed significantly to the Office’s financial health.
Moderate increase in expenses
The Office’s expenses saw a modest rise of 6.79% compared to the previous year. Despite this, the overall financial position remained strong, with the total balance sheet for 2023 standing at 886.18 million MAD, reflecting a 23% increase from 2022.
