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Foreign Exchange Office: ID card

Historical background : Some key dates

Changing the compilation system: Why?

Legal framework changes

organizational change

IT changes

First results

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Tw

o m

issio

ns

Enacting the measures related

to the exchange control

regulation

Establishing foreign exchange

statistics (Trade, BOP, IIP)

created in January

1958

Public institution with

legal personality and

financial autonomy

under the supervision

of the Ministry of

Finance

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70s

•Monthly Bulletin "Statistics on Foreign Exchanges of Morocco"

•Special editions including the balance of payments of Morocco ( June and December)

1995

•Balance of payments data are presented in accordance with The fifth edition of the

Balance of Payments Manual of the IMF (BPM5)

1997 •Balance of payments statistics released quarterly

2004 •Release of the International Investment Position (data from 2002)

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2005

•Morocco has joint the Special Data Dissemination Standard (SDDS) of the International Monetary

Fund

•FEO in charge of the external sector statistics

2007 •“The statistical law” : law N° 19-06 was adopted by Moroccan parliament

2009

•Participation in the Coordinated Direct Investment Survey (CDIS) of the IMF (Data for 2009 and

2010)

2011-2013

• Institutional Twinning of FEO with EU ( represented by France: Banque de France, INSEE and

Directorate of Customs and Indirect Taxes) for a support in establishing Foreign exchanges

statistics

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Meeting new

international

Standards

Growing liberalization

Cash →Transactions

ITRS → Surveys

meeting users

demands

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The law N° 19-06 was adopted by Moroccan parliament in 2007

(Dahir N° 1-07-51 of April 17, 2007)

on the statistical data reporting for elaboration of foreign

trade, balance of payments and international investment

position of Morocco

Which confirmes the FOREIGN EXECHANGE OFFICE as the national

institution responsible for the compilation of foreign trade, BOP

and IIP statistics and gave it the possibility of the implementation

of a direct data collection system in order to comply with the

quality standards set out in international methodologies.

Habilitates the FEO to

conduct surveys

directly with

enterprises

has provided FEO with

sworn statistical

investigators

Obligation for residents to

report to the FEO their

transactions with non-

residents

•Reportable transactions:

commercial and financial

transactions with non-

residents

Provides penalties for

infractions

•Failure to report

(nonreporting)

•Misrepresentation

•Failure of forms and models

of statistical reporting

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Decree for the

implementation of

Law n° 19-06

Enabling authority to the

Minister of Finance to set by

Decision, modalities and

procedures, deadlines and

models of statistical

reporting

The modalities and

procedures,

deadlines and

models of statistical

reporting are

proposed by the

Director of the FEO

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Decision for the

implementation

of Decree No.

02-07-885

the purpose of the decision

is to set, modalities and

procedures, deadlines and

models of statistical

reporting

Contains

reporting models

designed in

accordance with

international

standards

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Division of Studies

and Balance of

Payments

Subdivision of

Studies

(Compilation)

Balance of

payments Unit

Studies and

statistical surveys

Unit

Publication Unit

Subdivision of IT 3 units

Subdivision of

statistics (Data

collection)

Trade statistics Unit

banks statistics

(2units)

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Foreign exchanges

statistics Department

BOP and IIP Division

(Compilation)

BOP unit

IIP unit

balance of

settlements unit

Publication Unit

Division of

mehodology and

coordination

surveys unit

methodology unit

Foreign exchanges

statistics Division

(Data collction)

same units (3)

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Foreign exchanges

statistics

Department

BOP Division 3 units

Foreign

Investments

Division

3 units

Foreign trade

statistics Division 3 units

Division of

collecting and

studies

4 units

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2012:Electronic Data Exchange Platform (New solution with main data

sources (Banks, customs, etc.)

Ongoing project: BI solution for compilation tasks (Trade, BOP and IIP

(Expected to be up for 2013)

Ongoing project: Time series in SDMX format as recommanded by the IMF

BOP Comittee (Expected by end 2013)

Futur prjects (beyond 2013):

-Direct request databases - e-filing system (teledeclaration)

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CDIS

Trade credits Survey

Services Survey

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In the Balance of Payments, the trade credits account is determined from the

difference between the physical flow of goods imported and exported apprehended

by customs declarations, and the payments related to these transactions in the banks

reports (ITRS). Calculating of this difference takes into account restatements related

to certain goods that do not result in a financial settlement (e.g. donations) and the

conversion rate CIF-FOB for the imports

Since 2009, the FEO conducted a survey to collect quartely data on trade credits and advances related to the imports and exports of the resident companies.

Data required of these companies are pulled directly from their accounting books (drawn from the balance sheet).

The benefits of this method (enterprise survey) are :

Accuracy of data collected compared to method based on the comparison between physical and financial flows aggregated.

The availability to have more detailed and reliable information : breakdown by currency, by country, etc.

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