Foreign Exchange

There are no formal restrictions on transfers of profits or repatriation of capital, royalties, or service fees, provided that the investments were authorized and transfers made through approved banks or exchange offices. The authority to buy and sell foreign exchange has been delegated to the commercial banks and exchange offices. They normally carry out transactions upon presentation of the appropriate documentation, such as invoices for imports and customs documents. The Government is currently working to combat the parallel market for foreign currency, where the exchange often differs by three to five ouguiya per dollar from the official market rate.