Exchange Office (Office des Changes), but the rules on transfers have been progressively liberalized to the point where the dirham is freely convertible according to the IMF definition for current account transactions. The value of the dirham is tied to a basket of hard currencies weighted according to Morocco’s foreign trade. Because this basket is dominated by the Euro, variations in the dollar/euro rates are generally reflected in the dirham’s dollar value.
Authority to buy and sell foreign exchange has been delegated to the banking system, which will carry out transactions on presentation of appropriate documentation justifying the transaction such as an invoice to pay for imports. Capital transactions require authorization from the Foreign Exchange Office and are routinely granted for business-related transactions. Under the Moroccan investment code, the government guarantees repatriation of both invested capital and profits, provided that the initial capital investment was filed and registered.