AUTHORS
Adil Hlimi
Managing Editor, Boursenews.ma
Badr Benyoussef
Chief Development Officer, Casablanca Stock Exchange
Since the early 1980s, when it embarked on an economic program supported by the International Monetary Fund, the World Bank, and the Paris Club of creditors, Morocco has signalled it is open for business with the outside world. It has privatised some sectors, developed a stock exchange with modern market infrastructure, created a regulatory body, and set up a central depository and payment system.
In 2016, the Casablanca Stock Exchange (CSE) was demutualised and is now owned by shareholders, including banks, insurance companies, and brokers. In 2018, foreign investors held 33% of the market capitalisation. Participation in Moroccan financial markets is dominated by large institutional investors. Asset management is well developed with assets under management standing at nearly 50% of GDP.
The Moroccan fixed-income market has grown steadily, although it is still dominated by government bonds. The equity market, meanwhile, has grown from a capitalisation of USD14.8 billion in 2000 to USD60.9 billion at the end of 2018. Banks represent the largest portion (34%), followed by telecoms at 21%.