1. For the purposes of achieving objectives of its monetary policy, and in order to provide for Public Sector and Government-Related Entities’ needs for Dirham and foreign currencies, the Central Bank shall buy or sell foreign currencies against the Dirham to the concerned counterparty, at prevailing exchange rates. 2. The Central Bank may conduct banking operations and services for the Public Sector and Government-Related Entities, whether inside or outside the State or in a Financial Free Zone, for fees. 3. The Public Sector and Government-Related Entities may open accounts in Dirham and foreign currencies with the Central Bank, and conduct transfers through such accounts. The Central Bank shall pay or charge interest thereon in view of the prevailing rates. 4. The Central Bank may grant advances or other credit facilities to the Government, at interest rates set in accordance with the terms and conditions of the agreement signed between the Central Bank and the Ministry in this regard, provided that such advances and credit facilities shall be for the purpose of covering a temporary, unforeseen deficit in Government revenues, against its expenses. The Government shall not re-lend or grant these advances to any other entity. Granted advances shall at no time exceed ten percent (10%) of the Government’s average revenues realized in the budgets of the last three (3) years. The Government shall repay these advances within a period not exceeding one (1) year from the date of granting thereof. In case advances were not repaid at the date specified in this item, interest shall be calculated on the outstanding balance, as specified in the agreement signed between the Central Bank and the Ministry.
Interpretation and application must be checked against the official text and current version.