SECTIONS
African Capital Markets: Challenges and Opportunities

MOROCCO

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%.
Morocco’s rapid development has fuelled its ambition to become the financial hub of Africa, with the CSE launching a development plan for 2018–2021 called Ambition 2021. 

MOROCCO

Do you know....?

YOU'RE RIGHT!

Answer: Casablanca Stock Exchange. In 1993, a major set of market reforms was undertaken, including changing the name to the Société de Bourse des Valeurs de Casablanca. But in 2000, the name was formally changed to the Casablanca Stock Exchange.

VERY CLOSE!

Answer: Casablanca Stock Exchange. In 1993, a major set of market reforms was undertaken, including changing the name to the Société de Bourse des Valeurs de Casablanca. But in 2000, the name was formally changed to the Casablanca Stock Exchange.