Investing in Morocco: Compte sur Carnet

“Compte sur Carnet” is a way of investing in Morocco by putting your money in a specific account, and getting a fixed return each quarter. Think of it as a savings account.

You can get a “Compte sur Carnet” from your bank and it will be tied to your normal account. This way, you can move funds between the two easily.

Returns

Every 6 months, Bank Al Maghrib (the central bank) publishes a minimum return to be respected by banks. Then, complete freedom is given to banks to propose their returns as a form of competition. For example, CFG Bank proposes a 2.25% “boosted” Compte sur Carnet for the first 2/3 years, and then the minimum return.

One thing to keep in mind is banks calculate your return differently. There are banks that do it every day, and others twice a month, on the 15th and 1st. The difference is better explained with an example.

Let’s say Bank 1 calculates your return every day, and Bank 2 twice a month. On the 3rd of the month, you put some money on your account, and you took it on the 14th of the same month.

Bank 1

Given Bank 1 calculates your returns every day, you’ll get your return for all the days from the 3rd to the 14th.

Bank 2

Given Bank 2 calculates returns twice a month, you’ll not get any returns given you took your money before the 15th (the day the calculation is done). For the bank, it compares the amount of money you had on the 1s and the 15th, sees there is no difference, and then skips the returns.

So keep in mind that you need to choose a bank with a daily return calculation.

Lastly, you can only open one Compte sur Carnet account, and the maximum you can put there is 400.000 MAD.

Taxation

If you are resident in Morocco, it’s 30% on returns, taken from the source (ie, your bank will take care of that).

For non-residents, it’s 0%.

Thoughts

Even if the remuneration is fixed, independently from how the market is doing, it’s on the low end of the spectrum.

As of today, the minimum return is 1,05%, you can see an updated value here, which is very low.

As a result, we do not recommend investing in a Compte sur Carnet.

Remote.ma investing score:

2/10

Rating: 2 out of 10.

We do not recommend investing using this approach

We’ll discuss better forms of investing in future posts, so make sure to subscribe to our blog.

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One response to “Investing in Morocco: Compte sur Carnet”

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