No limitations are imposed on the time or amount of profit remitted. Loans, however, must be authorized by the Office of Exchange. Another important decision gives the banks the possibility to freely conduct investment operations in international capital market sites and, also, to engage in hard currency accounts or in any other amount of capital deposited by foreign entities. The Moroccan banking system is similar to that of France, but not quite as sophisticated. It is composed of a Central Bank and about fifteen other commercial banks that provide a comprehensive range of services.
Financing is available from quasi-state and from private institutions.
The banking industry is highly regulated. Central Bank regulations deal with minimum capital requirements, liquidity, solvency and legal lending limit ratios. In 1991, credit ceilings were substituted with indirect monitoring by way of changes in reserve requirements and controlled access to the Central Bank rediscount window. The legal lending limit of 7 percent of net capital funds is regarded by the profession as constraining. Among other things, the new Banking Law also covers finance companies and other credit institutions and defines in detail the kinds of transactions that can be undertaken by credit institutions.