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Analysis

Plans are under way to liberalise Morocco's exchange rate and increase competitiveness
OBG
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Authorities in Morocco have long succeeded in keeping prices under control through monetary policy tools such as inflation targeting and an exchange rate peg that has avoided spikes in the cost of imports. Thanks to persistently low inflation, recent years have seen several interest rate cuts, the latest of which took place in March 2016, as low forecast growth led to reductions in inflation forecasts…

Analysis

In Morocco a series of fiscal reforms should help to reduce expenditures
OBG
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Having risen rapidly in the years to 2012 on the back of high expenditures, Morocco’s budget deficit has fallen in recent years as subsidy reforms and other efforts to reduce spending and raise revenues kick in. Authorities are also on the verge of overhauling the public pension system, after the government was forced to substantially raise pension contributions in order to avert the system’s collapse. Falling…

Analysis

A series of initiatives have been aimed at improving Morocco's business environment
OBG
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The business environment in Morocco is one of the most attractive in North Africa and it continues to improve in international rankings. While a number of challenges such as payment delays and access to finance affect companies operating in the kingdom, the government is working on a range of initiatives to address these and other problems, though observers say progress remains slow in several key…

Analysis

Morocco's new investment charter looks to further boost foreign investment levels
OBG
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Morocco has taken steps to sustain foreign investment inflows during a period of slow global growth. The authorities have rolled out a range of reforms, from a new National Business Environment Council in the Prime Minister’s office to the adoption of anti-corruption plans. However, perhaps one of the most prominent changes came in summer of 2016, with the rollout of a new legislative framework which…

Analysis

Impact of sharia-compliant banking in Morocco debated by domestic actors
OBG
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Following the publication of new banking legislation in the Journal Officiel in March 2015, Morocco is close to launching a fully-fledged Islamic banking segment (known locally as participative banking). Setting The Standard Since the passage of the law, Moroccan monetary authorities have been working to put in place the applicatory framework for the new segment. A royal decree issued in early 2015…

Analysis

Major sector players in Morocco balance risk and reward
OBG
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Attracted by higher levels of growth outside Morocco, the country’s three largest banks by assets have developed a substantial presence abroad, particularly in Africa, where all three have built multinational bank networks over the last decade. The main players, Attijariwafa Bank, Banque Centrale Populaire (BCP) and Banque Marocaine du Commerce Extérieure (BMCE), continue to expand, with the latter…

Analysis

Real Estate
OBG
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Company Overview Addoha is Morocco’s largest real estate developer with operations in all the segments, including social, middle-income and high-end. In 2015 the social and middle-income segments accounted for 62% of the developer’s revenue, down from 70% in 2011. Revenue stood at Dh7.1bn (€651m) in 2015 compared to Dh9.5bn (€871m) in 2013 prior to the decision to cut production as a result…

Analysis

Banking
OBG
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Company Overview Attijariwafa Bank is the leading bank in Morocco in terms of outstanding loans (25% as of December 2015), and number two in terms of deposits behind BCP. The group operates 3265 branches and started its geographical expansion outside Morocco in 2005. The bank now has branches in Tunisia (6% of consolidated net income) and nine French-speaking sub-Saharan countries (13% of consolidated…

Analysis

Construction
OBG
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Company Overview Founded in 1951 and listed on the Casablanca Stock Exchange since 1969, Ciments du Maroc is the second-largest cement player in the country with a 23.8% market share. It produces 3.3m tonnes of cement in a market that consumed 14.2m tonnes in 2015. The group is currently running under capacity at 4.3m tonnes, which is equivalent to a utilisation rate of 78%, in an overall market capacity…

Analysis

Launch of new capital markets products and investment vehicles in Morocco
OBG
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As part of a series of wide-ranging reforms aimed at revitalising the Casablanca Stock Exchange (CSE), the authorities have been working on launching a number of new products, vehicles and activities in recent years; this rollout gathered pace in 2016. Tradeable Funds Prominent among these are several types of tradeable investment funds. The lower house of parliament approved a draft law establishing…