The Casablanca Stock Exchange was established as long ago as 1929. At that time, it was known as the “Office de Compensation des Valeurs Mobilières” (Office for Clearing of Transferable Securities). The growing importance of the securities market and the introduction of foreign exchange controls prompted the authorities at that time to improve and regulate the Stock Exchange’s organisation and operations.

    The market’s organisational shortcomings hindered however its attractiveness at a time when domestic investors showed a growing interest in stock market investment. To overcome such shortcomings, reforms were undertaken in 1967, providing Morocco’s financial markets with a well-organised legal and technical framework.

    Following these reforms, in 1986, Morocco embarked on a Structural Adjustment Programme which was completed ten years later. This Programme enabled Morocco to consolidate its fundamentals and successfully bring under control its high level of debt and inflation. Seven years later, in 1993, another major set of market reforms was undertaken to complement and enhance previous measures with the enactment of fundamental laws, including the Société de Bourse des Valeurs de Casablanca (SBVC), a private company responsible for managing the Casablanca Stock Exchange and whose share capital is jointly-owned by authorised brokerage firms.

    In 2000, the SBVC has changed name to become the Casablanca Stock Exchange, a joint stock company with a Board of Directors and a Supervisory Board.

    Stocks and bonds are traded on BVC.



    Regulator: Autorité Marocaine du Marché des Capitaux (AMMC)

    Founded: 1929

    Currency: Moroccan Dirham (MAD)

    Clearing and Settlement: T+3

    Trading session hours: 9:00 - 15:40 (GMT) - Depending on securities groups

    Main Index: MASI - Morocco All Share Index


    SME compartment:

    • Development Market
    • Growth Market


    Tax Rates:

    • Non-resident individuals are subject to capital gains tax, exception to this is when there is a DTT between the residency of the individual and Morocco. The capital gains tax rates applicable to non-resident individuals are as follows: 15% on equities, 15% on mutual funds permanently investing at least 60% of their assets in equities, 20% on bonds and other mutual funds. Effective 1 January 2010, individuals (residents and non residents) have become subject to a capital gains tax rate of 20% on Non-listed equities.
    • Non-domestic corporate investors are exempt from capital gains tax on listed securities.
    • Foreign investors are subject to 15% withholding tax on dividends unless there is a Double Taxation Treaty signed between Morocco and the investor’s domicile country, which provides a lower rate or exemption.


    Member of:

    • African Securities Exchange Association (ASEA)
    • Sustainable Stock Exchanges Initiative (SSE)
    • World Federation of Exchanges (WFE)
    • Arab Federation of Exchanges (AFE)
    • Association des Bourses Francophones d'Afrique (ABFA)


    Annual Reports/Yearbook:

    2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019



    Angle Avenue des Forces Armées Royales et Rue Arrachid Mohamed - Casablanca - Maroc
    Phone: ((212) 5 22 45 26 26/27
    Fax: (212) 5 22 45 26 25



    CDM 905.00+5.23%16/07
    RISMA 249.00+3.32%16/07
    LAFARGEHOLCIM MAROC1,949.00+2.58%16/07
    CIH 378.00+2.05%16/07
    AFMA 1,248.00+1.96%16/07
    MICRODATA 640.00-5.85%16/07
    ENNAKL 32.20-4.45%16/07
    STROC INDUSTRIE 30.99-3.73%16/07
    INVOLYS 85.00-3.40%16/07
    CFG BANK165.00346,23616/07
    IMMORENTE INVEST93.0058,17016/07
    BCP 306.0041,94016/07
    DOUJA PROM ADDOHA 29.1641,25516/07
    DELTA HOLDING 47.9930,43016/07

    🇲🇦 Moroccan Dirham

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