Moroccan financial sector shows resilience in 2023 despite economic challenges

According to the 11th Annual Financial Stability Report, jointly published by the Central Bank of Morocco, the Moroccan Capital Market Authority (AMMC), and the Insurance and Social Reserve Supervisory Authority (ASRS), the Moroccan financial sector demonstrated resilience and solidity in 2023 despite an unfavorable economic climate.

The sector's size, measured by the total assets of its components, surpassed 3,000 billion dirhams in 2023, reflecting a growth rate of 6.8 percent and equating to 214 percent of the national gross domestic product (GDP).

The banking sector remains the dominant component of the financial sector, accounting for approximately 61 percent of total assets.

The report further highlights that the financial sector represents 40.58 percent of the Casablanca Stock Exchange's capitalization, driven by seven banks, five finance companies, and five insurance companies.

The financial stability report, reviewed and approved by the Coordination and Supervision Committee on Systemic Risk (CCSRS) during a meeting held in Rabat in early July 2024, is structured around four main chapters: «Economic developments at the international and national levels», «Evolution of the financial position of non-financial agents», «Assessment of the solidity and resilience of financial institutions», and «Developments in capital markets and market infrastructures».