MOROCCO

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With a population of 38 million and a forecasted GDP of $165bn in 2025, Morocco is a small open emerging economy with improving external resilience and steady progress on fiscal consolidation. In 2023, the current account deficit narrowed to around –0.6 % of GDP, down from –3.5 % in 2022, reflecting stronger export performance (especially tourism), remittances and reduced trade deficits. International reserves covered over five months of imports, exceeding 120 % of the adjusted ARA reserve metric.

Public debt remains elevated, with central‑government debt at roughly 70.9 % of GDP in 2023 (general government debt ~65 %). The fiscal deficit softened to about 4.4 % in 2023, down from higher levels in previous years. IMF assessments characterise this debt level as sustainable with moderate sovereign stress risk.

Morocco’s debt declined modestly from ~71.6 % in 2022 to ~69.5 % in 2023, and is projected to further fall to ~68.3 % by 2025 and ~65 % by 2029—thanks to strong nominal GDP growth and rising tax revenue yields.

Policy challenges include financing reconstruction from the recent earthquake (a post‑disaster plan equating to about 8 % of GDP over five years), climate vulnerability, high unemployment (especially youth), and structural reforms in energy and grid capacity. Nonetheless, growth is expected to continue, and gradually pick up to ~3.9 % in 2025–26.

Summary

BNP Paribas has been present in Morocco since 1943 through its subsidiary BNCIA bank. Today, BNP Paribas supports customers in Morocco through its subsidiary BMCI, which was first incorporated in 1964, and has 17 business centres across the country and direct access to local clearing. BMCI is the predominant foreign bank in Morocco which continues to grow. BMCI focuses on 3 core activities in Morocco: Retail Banking, Corporate & Investment Banking and Financial Services. These core areas comprise is a wide range of complementary business lines including cash management, leasing, factoring, insurance etc. therefore supporting comprehensive, integrated solutions for corporate customers.

Currency

  • Moroccan dirham (MAD)

Bank accounts

  • A company is considered resident in Morocco if it is incorporated or has its place of effective management is located in Morocco.

Factoring

  • No specific legal aspects.

BNP Paribas Cash Management Capabilities

Cash collections
Cheque collections
Direct debit collections
Domestic incoming transfers
Virtual IBAN
Virtual accounts
International incoming transfers
Card acquiring

Payments & collections

Morocco is a cash-based economy. However a growing confidence in, and familiarity of, digital payments has seen the the number electronic payments surge over the past 12 months: online payments with Moroccan cards reached MAD 1.7 billion in the first quarter of 2021, up 36.6%. Transaction volume was up 61.4% to 4.36 million.

Morocco’s 2020-2025 digital development plan aims to modernise social sectors in the country. The central bank meanwhile is focused on accelerating the digitisation of payment services and developing a fintech environment. Regulatory changes have been made to enable non-bank payment institutions such as telecoms companies to operate. In 2020, for example, Orange Money launched its mobile money service, as did Maroc Telco, which launched MT Cash.

Electronic banking services are available from most banks. There is no national electronic banking system in Morocco, so companies use banks’ proprietary services.

Transaction and balance reporting and transaction initiation services are all available.

Online and mobile banking services are provided by the country’s leading banks.

Online payment services are available for the payments of government services as well as utility bills. In 2019, the number of online payments increased 18.2% to 9.7 million on 2018 figures. In value terms, value rose 46.7% to MAD 4.8 billion. 

Short term investments

Interest payable on credit balances

Interest-bearing accounts are permitted.

Demand deposits

  • Demand deposits denominated in MAD or major foreign currencies are available.

Time deposits

  • Time deposits are available in MAD or major foreign currencies with terms ranging from one month to three years.

Certificates of deposit

  • Domestic banks issue certificates of deposit with varying terms.
  • They can be issued paying fixed or variable interest.

Treasury (government) bills

  • Bank Al-Maghrib issues treasury bills on behalf the Treasury for terms of three, six and twelve months and two years.

Commercial paper

  • Domestic commercial paper is issued by non-financial companies with fixed rates of interest.Leasing companies in Morocco issue 'Bills of Finance Companies'.

Money market funds

  • Mutual investment funds (organismes de placement collectif en valeurs mobilières - OPCVMs) are available.

Repurchase agreements

  • Repurchase agreements are available, with maturities ranging from three months to two years.

Banker's acceptances

  • Banker's acceptances are not used in Morocco.

BNP Paribas Trade Finance Capabilities

Documentary credits
Documentary collections

International trade

  • As a member of the Greater Arab Free Trade Area (GAFTA), Morocco has eliminated most trade tariffs with GAFTA member states. GAFTA comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, United Arab Emirates and Yemen.
  • As a member of the Agadir Agreement, Morocco has eliminated trade tariffs with Egypt, Jordan and Tunisia.
  • There are five free zones in Morocco.