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Stock Market / Finance in Morocco

  • Morocco delays currency reform amid speculation

    MOROCCO, 2017/08/28 Morocco’s long-awaited initial phase of liberalising its currency was postponed following speculation on its fall prompted a drop in the country’s foreign reserves. The government delayed moving to a flexible exchange rate, a key International Monetary Fund-backed reform to liberalise Morocco’s economy, a spokesman said on July 7, citing the need for further studies. During a news conference in late June with the central bank governor and finance minister, the central bank invited journalists to attend the announcement. Later it delayed the announcement a “few days,” without saying why.
  • Morocco’s Investment Opportunities in Energy Sector Showcased in Lisbon

    MOROCCO, 2017/05/28 Morocco’s investment opportunities in the energy sector were presented before representatives of over 220 Portuguese companies, at a seminar organized on Thursday in Lisbon. The meeting was an opportunity to highlight the enormous potential of Morocco particularly in the strategic field of renewable energy and to stress its importance.
  • King Mohammed VI Chairs Launching Ceremony of New Investment Reform Plan

    CASABLANCA, 2017/05/28 King Mohammed VI chaired, on Monday at the Royal Palace in Casablanca, the launching ceremony of a new investment reform plan and the signing ceremony of several agreements and investment contracts. At the beginning of this ceremony, Minister of Industry, Trade, Investment and Digital Economy, Moulay Hafid Elalamy, presented before the King the new plan which is fully in line with the efforts of the Kingdom to create the conditions for sustainable economic growth, where private investment plays a leading role.
  • Islamic banking to boost financial inclusion in Morocco

    MOROCCO, 2016/12/26 A recent regulatory reform allowing for Islamic banking – known locally as participative banking – in Morocco has led to a number of applications for new sharia-compliant lenders, which Moroccan authorities hope will as well increase financial inclusion. According to international press reports from September, the government granted national-owned Crédit Agricole of Morocco (CAM) approval to open an Islamic subsidiary with Saudi Arabia’s Islamic Development Bank (IDB) through the bank’s Islamic Corporation for the Development of the Private Sector. CAM will hold a majority 51% stake in the new enterprise, with the two partners investing a total of Dh200m (€18.5m), which will later be doubled to Dh400m (€37m).
  • Morocco and China sign $1.54bn currency swap agreement

    CHINA, 2016/05/16 In a statement published on May 11, 2016, the Central Bank of China announced it has signed with its Moroccan counterpart a currency swap agreement valued at $1.54 billion. The agreement which was signed on the initial day of Moroccan kin Mohammed VI in China should extend over three years and facilitate bilateral trade between the two nations.
  • Morocco Has Africa’s Second Highest Rates of Tax Revenue as Percentage of GDP

    MOROCCO, 2016/04/03 A statement published on Friday by the Organization for Economic Cooperation and Improvment(OECD) said Morocco had the second highest rate of tax revenues as a % of the country’s total Gross Domestic Product (GDP) in 2014 out of the eight African nations studied. To complete the study, a collaborative effort between the African Union, OECD, and other continental organizations, used OECD data to produce internationally comparable statistics on tax and nontax governmental revenues for the participating nations over a time span of 18 years. The authors of the statement said the data would provide a way for officials to determine if African nations were getting closer to conference their development goals.
  • Morocco’s Public Debt Represents 64% of GDP

    MOROCCO, 2016/01/05 Morocco’s public deficit reaches up to 64 % of the country’s Gross Domestic Product (GDP). According to the Moroccan Minister of Economy and Finance, Mohammed Boussaid, this deficit is “below the red line set by the International Monetary Fund (IMF), a deficit ratio of 70 % of GDP for emerging nations.” “To continue the downward trend of deficit, the government has introduced new provisions in the new organic law, providing for a additional rigorous legal framework of deficit, through the introduction of the golden policy, which provides for limiting deficit to finance capital expenditures and the settlement of the deficit principal”, Boussaid said at the question time of the Home of Representatives on Tuesday.
  • Morocco’s Net International Reserves Amounted to MAD 222.3 Billion as of December 2015

    CASABLANCA, 2016/01/05 Morocco’s net international reserves amounted to MAD 222.3 billion until December 25, 2015, recording a 23.2 pc increase on an annual basis, Bank Al-Maghrib announced. The central bank explained in its weekly indicators that the reserves recorded a 0.2 % weekly decrease. During the period December 24-30, 2015, the central bank injected MAD 21.4 billion.
  • International finance institutions have largely neglected to offer assistance to sub-Saharan nations

    MOROCCO, 2015/12/03 International finance institutions have largely neglected to offer assistance to sub-Saharan nations on the markets but several are making their own way in an untapped emerging area. On a continent where access to markets is a novel phenomenon and where it is still difficult to attract investors due to legacy issues of poor macroeconomic management and fiscal discipline, inclunding persistent corruption and weak institutions, attempts to raise capital from the markets is a laudable goal. The discipline required by the process has no doubt helped nations that have been successful in recognizing the importance of market perceptions and the need for better macro-fiscal discipline. The number of international bond issuances by sub-Saharan African nations in recent years has accelerated. In addition to South Africa, eight nations in the region have tapped the international capital markets, inclunding initial-time issuers Ghana, Gabon, Senegal, Namibia, Nigeria, Tanzania, Zambia and Rwanda. Furthermore, market intelligence suggests that other sub-Saharan African nations may tap international markets in the near next. Cape Verde national company Imobiliária, which provides housing for disadvantaged people, carried out an $8.8 billion bond issue in October, its second foray into the securities exchange, while Kenya has seen two Eurobond issuances in the completed 12 months.
  • Traders of African Development Bank (ADB) at the Stock Exchange

    EUROPEAN UNION, 2015/11/21 The Maghreb Bank for Investment and Foreign Trade (Bcmice) will be operational by the end of December in Tunis, Rabat Kouider Lahoila, expert of the direction of economic affairs at the Arab Maghreb Union (AMU), has announced. He stressed that UMA taking a concrete step in the financial sector signified evolution for it. This is good news for Maghreb states, businessmen and entrepreneurs who will thus gain access to a new funding source for their activities. The new bank, with a capital of 500 million dollars, will have as a fundamental mission to finance projects promoting common infrastructures for the five UMA member states - Algeria, Morocco, Tunisia, Libya and Mauritania - develop commercial exchanges within the Maghreb area, considering the strong potential of a market of 90 million consumers.