Rabat– Morocco’s capital market recorded nearly MAD 7.2 billion ($720 million) in fundraising in January, a significant decline compared to MAD 15.13 billion ($1.51 billion) raised during the same month in 2025, according to the latest monthly indicators published by the Moroccan Capital Market Authority.
The regulator reported that the January fundraising mainly consisted of negotiable debt securities issuances totaling approximately MAD 6.74 billion ($674 million), alongside equity issuances worth MAD 450 million ($45 million). The figures reflect a slower start to the year for capital-raising operations compared with the strong activity observed in early 2025.
Despite the lower issuance levels, the outstanding volume of securities lending and borrowing operations reached MAD 38.5 billion ($3.85 billion) in January 2026, marking a 9% increase year-on-year, indicating sustained activity and liquidity in Morocco’s financial markets.
Monetary indicators also pointed to relative currency stability. According to the latest weekly report from Bank Al‑Maghrib, the Moroccan dirham remained almost stable against the euro, while it depreciated by 1% against the US dollar during the period between February 26 and March 4. The central bank noted that no auction operations were carried out on the foreign exchange market during that week.
Morocco’s official reserve assets reached MAD 462 billion ($46.2 billion) as of February 27, increasing 0.5% week-on-week and 25.6% year-on-year, reflecting a strong reserve position.
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During the same period, the central bank’s average daily interventions totaled MAD 149.7 billion ($14.97 billion). These operations included 7-day advances amounting to MAD 52.6 billion ($5.26 billion), longer-term repurchase agreements of MAD 55.1 billion ($5.51 billion), and guaranteed loans totaling MAD 41.9 billion ($4.19 billion).
Activity on the interbank market remained stable, with the average daily trading volume reaching MAD 3.4 billion ($340 million) and the interbank rate standing at 2.25%. In its March 4 tender operation (value date March 5), the central bank injected MAD 56.4 billion ($5.64 billion) through 7-day advances to support liquidity.
On the stock market, the MASI declined 10.1% between February 26 and March 4, bringing its year-to-date loss to 11.6%. The downturn affected nearly all sectors except mining, which gained 3.7%, and real estate investment companies, which rose 0.4%.
Several sectors recorded notable declines, including construction and building materials, which dropped 13.8%, banking down 8.5%, transport services falling 18.6%, and the food and production sector declining 19%.
Meanwhile, weekly trading volumes on the Casablanca Stock Exchange increased significantly, rising from MAD 1.4 billion ($140 million) the previous week to MAD 3.9 billion ($390 million), with most transactions carried out on the central equity market.
