The 2023 report from the Moroccan Capital Market Authority (AMMC) highlights solid market performance, with a capitalization of 626 billion DH, an increase in fundraising and transactional volumes. It also highlights advances in sustainable finance, digitalization and diversification of financing, while identifying the challenges to strengthen the role of markets in the economy.
The president of the AMMC, Nezha Hayatpresented the 2023 annual report to the head of government on Thursday, December 12. This document looks back on a year marked by positive dynamics in the financial markets, despite an uncertain global context. It also highlights the regulatory and supervisory efforts deployed by the AMMC to support the transformations of the capital market.
The report highlights strong performance, driven by increased transactional activity and strategic initiatives. It also reviews the progress made in digitalization, sustainable finance and the diversification of financing instruments.
In 2023, the Moroccan market processed a total volume of nearly 800.000 transactionssetting a historic record. On the Casablanca Stock Exchange, 316.799 transactions (central and block markets) were recorded, representing a daily average of 1,272 operations. This dynamism is explained by increased activity on central and block markets, as well as an increase in trading volumes.
The overall transaction volume reached 65 billion DHin progression 12,77% compared to the previous year. Stocks made up the bulk of trading, while inflows of securities jumped spectacularly, from 64 MDH has 10.3 billion DH.
This strong activity reflects the resilience and growing attractiveness of the Moroccan capital market, despite a complex global economic environment.
Financially, AMMC recorded operating income of 164,8 MDHdown slightly compared to 173,6 millions of 2022. This decrease is explained by a drop in commissions linked to UCITS (-8 MDH) and financial operations (-3.7 MDH). On the other hand, OPCI commissions have progressed significantly, with an increase of 208% (+3,6 MDH).
Operating expenses reached 160,2 MDHagainst 158,4 millions in 2022. This increase is due to an increase in personnel costs (+12%) and depreciation charges (+18%). The net surplus amounts to 4,2 MDH, consolidating equity in 239,3 MDH.
Collective management products continue to play a central role in the capital market. The net assets of UCITS have reached 559.8 billion dirhamsrepresentative 46.5% of Moroccan GDP. THE OPTIONS have also consolidated their position with net assets of 85.5 billion dirhamswhile securitization funds display assets under management of 17.8 billion dirhams.
The AMMC also paid particular attention to crowdfundingwith the granting of the first approvals to collaborative financing platforms. This initiative aims to meet the financing needs of SMEs and project leaders, while diversifying sources of financing.
Progress and challenges
The year 2023 was marked by significant progress on several fronts. The AMMC has placed emphasis on digitalization, particularly with the deployment of innovative tools for inspections and market supervision. These initiatives aim to simplify interactions with market players while increasing transparency.
Sustainable finance was also among the priorities. The AMMC accompanied the first broadcasts of Gender Bonds and green bonds, while working on a green taxonomy aligned with international standards. Furthermore, market supervision has been strengthened with 26 missions d’inspectioni.e. an increase of 60% compared to 2022.
Despite this progress, structural challenges persist. Equity financing remains low, with only 656 MDH raised in 2023, as debt securities continue to dominate with more than 99% of the amounts raised. The attractiveness of the market for SMEs and the broadening of the institutional investor base are all necessary levers to strengthen the depth of the market.
Furthermore, financial education remains a priority for the AMMC in order to raise awareness among savers and encourage their active participation in financing the national economy.
In 2024, the AMMC continued its structuring projects, such as the effective launch of the futures market and the promotion of sustainable finance. These initiatives aim to strengthen investor confidence and position Morocco as a benchmark financial center in Africa.
Do you have a real estate project in mind? Yakeey & Médias24 help you make it happen!
© Media24. Any reproduction prohibited, in any form whatsoever, without written authorization from the Société des Nouveaux Médias. This content is protected by law and in particular law 88-13 relating to the press and publishing as well as laws 66.19 and 2-00 relating to copyright and related rights.
