Clause 17 – The beneficiaries of accounts in convertible dirhams
Accounts in convertible dirhams 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, these accounts are either opened in the name of the clients themselves or in the name of foreign correspondents of the Moroccan banks
Article 18 – Credit of the foreign accounts in convertible dirhams of clients other than the foreign correspondents.
The foreign accounts in convertible dirhams of the clients can freely entitle the following to their credit:
- The generated value of the sale of currencies in the foreign exchange market;
- 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";
- Transfers issued from a foreign account in convertible dirhams or a foreign currency account opened in the name of a foreign resident or non-resident individual:
- Amounts issued from a currency account opened in the name of a Moroccan resident or non-resident person ;
- 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 managed by the account holder regarding his own account;
- The amount of interest generated by deposits;
- The amounts in dirhams withdrawn by the account holder but not used.
The credit transaction must take place within a maximum of one month from the date of the withdrawal;
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 with a maximum of six months of validity, 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;
Clause 19 - Debit of the foreign accounts in convertible dirhams of clients other than the foreign correspondents.
The foreign accounts in convertible dirhams of the clients can freely entitle the following to their debit:
- Currency purchases in the foreign exchange market;
- Payments in Dirhams in Morocco ;
- Transfers to another foreign account in convertible dirhams opened in the name of the client ;
- Transfers to another foreign account in convertible dirhams opened in the name of a resident or a Moroccan living abroad ;
- Transfers to a currency account belonging to a resident or a Moroccan living abroad;
- Amounts intended for investment transactions and / or investments;
- Withdrawal of funds in dirhams by the account holder.
Clause 23 - 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.