Morocco’s capital market reached a turning point in 2025, with growth increasingly driven by domestic savings rather than foreign capital, according to a new report by bourse regulator, the Moroccan Capital Markets Authority (AMMC).
The report, Capital Markets in Figures 2025, shows that local investors dominated trading activity on the Casablanca Stock Exchange, accounting for around 90% of volumes, while foreign investors represented just 5%.
Moroccan institutions and mutual funds (OPCVM) alone generated 64% of transactions on the central market, with shares of 34% and 30% respectively, while individual Moroccan investors accounted for 26%.
This distribution reflects a structural shift in the market, where liquidity is now largely supported by locally mobilised savings rather than international capital flows.
The trend marks a significant evolution for Morocco’s financial system, reducing its exposure to external volatility and strengthening its domestic funding base.
Total transaction volumes climbed 63% to reach 161.1 billion dirhams ($16.1 billion) in 2025, while activity on the central market nearly doubled, increasing by 98.2% year-on-year.
The report also highlights continued growth in Morocco’s asset management industry, with total net assets of collective investment schemes reaching 956.3 billion dirhams, up 22.1% from the previous year. OPCVMs remain the dominant vehicle, with 785.1 billion dirhams in assets.
Despite their limited contribution to daily market activity, foreign investors retain a significant presence in ownership structures. Non-resident investors, including Moroccans living abroad, hold 21.2% of total market capitalisation.
However, nearly 89.4% of these holdings are classified as strategic stakes, indicating a preference for long-term positions rather than short-term trading.
