Currency account -NRF

Clause 13 – Overall principle

The accredited intermediaries have the right to open currency accounts, accounts in convertible dirhams, special accounts and long-term convertible accounts in their books of account under the conditions set by this clause.

Clause 14 – The beneficiaries of currency accounts 

Currency accounts can be opened in the name of foreign resident or non-resident private individuals as well as in the name of foreign legal individuals or their representations in Morocco including foreign correspondents of the Moroccan banks, companies located in the export processing zones and entities located in offshore financial zones in Morocco.

Entities with Casablanca Finance City "CFC" status have complete freedom to manage foreign currency assets belonging to non-residents.

In this context, they can freely open currency or convertible dirhams accounts within banks here in Morocco.

For retrospective verifications, Entities with the "CFC" status must deliver to the" Office des Changes" a report established in accordance with the model attached at Annex 1 and no later than three months after the closure of each exercise.

Clause 15 – Currency accounts appropriation 

Currency accounts can freely entitle the following to their credit:

• Transfers coming from foreign countries;
• The collection of checks, of traveler's checks or any other means of payment in foreign currency. The deposit of foreign banknotes by the account holder must be made with remittance of the original of the foreign currency import declaration signed by the customs services at the border as late as six months to the accredited intermediary, or a change receipt or any other document that is one month old or less, justifying that the banknotes in question were previously debited from a foreign currency account or from a foreign convertible in dirhams account which is in the name of the paying party with an accredited intermediary in Morocco;
• The amount of currency purchases on the foreign exchange market under the provisions of this clause or any special authorization from the "Office des Changes";
• The amount previously debited in behalf of investment transactions and / or increased or decreased investments in regard to the corresponding capital gains or losses;
• The amount of income received for investment transactions and / or investments;
• The amount of interest generated by deposits;
• Transfers from another foreign currency account, a foreign convertible in dirhams account or an account with convertible dirhams;
• The amounts in foreign currencies that correspond to the redemption of dirhams by the account holder, the latter must be equipped with a document that is one month old or less justifying that the dirhams that are object of redemption come from currencies initially taken from the account and sold on the foreign exchange market.

Clause 16 - Debit of foreign currency accounts.

Foreign currency accounts can freely entitle the following to their debit:

• Transfers to foreign countries;
• Sale of currencies in the foreign exchange market;
• The collection of checks (including the traveler's checks) denominated in foreign currencies for the benefit of resident or non-resident private or legal persons. This kind of collection for the Moroccan residents do not allow the remittance in foreign currency but must be collected in dirhams except for exporters holding accounts in foreign currencies and within the limits of authorized caps;
• Amounts intended for investment transactions and / or investments;
• Any transfer made to another foreign currency account, another foreign account convertible dirhams or an account with convertible dirhams.
• Common provisions to currency accounts and foreign accounts with convertible dirhams.
• Holders of currency accounts or foreign accounts with convertible dirhams may trade freely and without limitation the amount available in their accounts with other currencies, including foreign banknotes and traveler's checks denominated in foreign currencies, either for them or in favor of other persons of foreign nationality.
• This arbitration may also be in favor of Moroccan residents when their professional, tourist, study or medical expenses abroad are taken care of and are duly requested by the account holder.
• These arbitrations must lead to a change receipt issued by the bank in favor of the beneficiary who is required to present it to the customs services when requested while exporting the payment methods that are indicated therein.
• Currency accounts and foreign accounts in convertible dirhams cannot act as a debtor.
• However, in the case of foreign accounts with convertible dirhams, accredited intermediaries may, in order to avoid delays in the execution of received orders, grant their correspondents and their customers a mail of overdrafts within the limits of J +2 (working days).
• The mail of overdraft can only be granted for foreign currency transfers issued from abroad and on the basis of documents proving the issuance of these transfers. Approved intermediary banks must make the necessary arrangements to receive these transfers within the prescribed period, to sell the foreign exchange on the foreign exchange market and to pay the foreign exchange commission.
• Transfers between foreign accounts which were opened in Morocco and are convertible to dirham can only be executed if the provision of the account is sufficient.
• Currency accounts opened in the name of foreign persons and foreign accounts with convertible dirhams may only be debited by instruction of their holder or a person duly mandated for this purpose.
• The accredited intermediaries are authorized to issue to holders of foreign currency accounts and foreign accounts with convertible dirhams checkbooks that may be freely exported abroad, either by the account holder or by a person duly authorized by the latter for this purpose. These checkbooks must necessarily bear, in all cases, in an apparent manner and in full words the words "foreign currency account" or "foreign account with convertible dirhams". The accredited intermediaries may also freely issue to the holders of these accounts international credit cards backed by the specified accounts.