Foreign Exchange for Moroccan Property

The Moroccan government has made the Moroccan Dirham (MDh) convertible for an increasing number of transactions over the last few years. As of February 1993, the MDh was made convertible for all current transactions and for some capital transactions, notably, capital repatriation by foreign investors. Foreign exchange is routinely available through commercial banks for such transactions upon presentation of documents. The Central Bank sets the exchange rate for the MDh against a basket of currencies of its principal trading partners. The rate against the basket has been steady since a 9 percent devaluation in May 1990, with changes in the rate of individual currencies reflecting changes in cross-rates. In a further move, the Ministry of Finance recently decided that private enterprises are allowed to access international financial markets directly.

International financial transactions are subject to the control of the Moroccan Exchange Office, which retains the authority to act in a balance of payments or liquidity crisis.

The liberalization of the exchange control has removed all barriers for international trade transactions, foreign investments, income transfer, foreign technical assistance and tourism. Remittances of capital and related income to non-residence are guaranteed. No limitations are imposed on the time or amount of profit remitted. Loans, however, must be authorized by the Office of Exchange. Another important decision gives the banks the possibility to freely conduct investment operations in international capital market sites and, also, to engage in hard currency accounts or in any other amount of capital deposited by foreign entities.

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