Introduction to MOROCCO

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3 Introduction to MOROCCO With a GDP of USD 101bn in 2015, Morocco is a medium-sized economy. Sound macroeconomic fundamentals, a resilient and sophisticated banking sector and the implementation of structural reforms have allowed the Moroccan economy to maintain solid performance in recent years despite external shocks (global recession, Eurozone crisis, Arab Spring). There is little risk to external stability, public finances are sustainable and inflation is under control. Its relative political stability has also helped the country to become an increasingly attractive place for foreign investors, especially in the automobile sector, which is now the largest source of exports. Furthermore, the country is well positioned to become a regional financial hub. However, more remains to be done to increase the growth potential, and the economy still struggles to create sufficient jobs. In addition to cyclical factors (difficulties in Europe, regional insecurity), structural constraints will need to be addressed, such as the weak competitiveness of the manufacturing sector (textiles) and the relatively low level of human capital. Agriculture remains also highly significant to the economy, resulting in considerable volatility in economic growth. Having rebalanced the euro and the US dollar weighting in the basket to which the dirham is pegged, the monetary authorities continue to reiterate their intention to move towards a more flexible exchange rate regime. According to the central bank, the current situation is sustainable, with a strong external position, while the dirham s alignment with economic fundamentals reduces the risk of a large adjustment, and full convertibility of the dirham by 2018 is now increasingly likely. Summary BNP Paribas presence 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 BMCI is the predominant foreign bank in Morocco with 7.2% market share (2011) 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. Working with BNP Paribas Customers doing business with BNP Paribas through its subsidiary BMCI in Morocco are attracted to the bank's strong credit rating, comprehensive range of domestic and international solutions and services, and access to BNP Paribas' extensive domestic and international network. A dedicated customer service team in Morocco offers local support and expertise, and works closely with BNP Paribas' teams internationally to create tailor-made domestic and international cash management and trade finance solutions. Currency Currency Moroccan dirham (MAD)

4 Bank accounts Resident / non-resident status A company is considered resident in Morocco if it is incorporated or has its place of effective management is located in Morocco. Bank accounts for resident entities Within Morocco Outside Morocco Local Currency Permitted without restriction. Resident foreign nationals may open convertible MAD accounts Not permitted Foreign Currency Permitted with restrictions, fully convertible Permitted with restrictions, fully convertible Bank accounts for non-resident entities Within Morocco Outside Morocco Local Currency Non-residents may open convertible MAD accounts. Not permitted Foreign Currency Permitted without restriction, fully convertible Not applicable Payments & Collections Credit transfers Credit transfers are used by companies to pay salaries and suppliers, and to make tax payments. High-value and urgent credit transfers can be settled in real time via the SBRM. Low-value (MAD 10 million or less) credit transfers can be settled on a next-day basis via the SIMT. Direct debits Direct debits are used for regular payments, such as utility bills. Direct debits can be settled on a next-day basis via the SIMT.

5 Liquidity management Domestic: notional pooling Domestic notional cash pools are available from a small number of banks. Domestic: cash concentration Single currency domestic cash concentration is available. Multiple legal entities can participate in the same cash concentration structure. Cross-border notional pooling Cross border notional cash pools are available from a small number of banks. Cross-border cash concentration Cross-border cash concentration structures are not available. International trade General trade rules 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. Imports / exports Imports Crude petroleum Textile fabric Telecoms equipment Wheat Gas and electricity Transistors Plastics Primary Import sources Spain (13.9%) France (12.4%) China (8.5%) USA (6.5%) Germany (5.8%) Italy (5.5%) Russia (4.4%) Turkey (4.3%) Exports Clothing and textiles Automobiles Electric components Inorganic chemicals Transistors Crude minerals Fertilisers (including phosphates) Petroleum products Export markets Spain (22.1%) France (19.7%) India (4.9%) USA (4.3%) Italy (4.3%) Citrus fruits and vegetables Fish

6 Import / export volumes goods USD m 16,992 18,262 19,996 18,484 18,881 - services USD m 15,347 14,353 15,831 14,270 15,379 - goods USD m 38,877 39,854 40,683 32,738 36,594 - services USD m 8,136 7,571 8,785 7,914 8, Exports Imports Current account as % GDP % Sources: IMF, International Financial Statistics and World DataBank, July Market data updated as of

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