Western Sahara is a disputed territory with no internationally recognized independent financial regulatory framework for forex trading. Morocco controls the majority of Western Sahara and applies Moroccan law throughout the territory under its administration, including financial regulations governed by Bank Al-Maghrib (1). The Moroccan banking system, financial institutions, and currency regulations extend to areas under Moroccan control, where the Moroccan Dirham is used as the official currency for all financial transactions.
Morocco maintains a system of foreign exchange controls managed by the Foreign Exchange Office, which applies to areas under Moroccan administration including Western Sahara. The authority to buy and sell foreign exchange has been delegated to the banking system, and banks and financial institutions will carry out transactions upon the presentation of appropriate documentation (2). Capital transactions require authorization from the Foreign Exchange Office and are routinely granted for business-related transactions, with the Moroccan dirham trading within a five percent band of a reference rate weighted sixty percent to the euro and forty percent to the U.S. dollar.
"The authority to buy and sell foreign exchange has been delegated to the banking system. Banks and financial institutions will carry out transactions upon the presentation of appropriate documentation, such as an invoice to pay for imports."
Forex trading in Western Sahara follows Moroccan financial regulations, including oversight by Bank Al-Maghrib, which is responsible for defining and implementing monetary policy, supervising credit institutions, and managing foreign exchange reserves (1). Residents in Moroccan-controlled areas can access forex services through licensed Moroccan financial institutions, though the Moroccan Dirham has limited convertibility restrictions. The disputed political status of Western Sahara creates regulatory uncertainty, and individuals seeking to engage in forex trading should be aware that fake regulators claiming to represent Western Sahara have been identified as fraudulent schemes with no legitimate governmental authority.
Source:
https://www.bkam.ma/en/Banking-supervision/Articls/Banking-supervision
https://www.trade.gov/country-commercial-guides/morocco-trade-financing
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
