Morocco’s financial sector has shown an overall resilience and solid fundamentals in 2023, against a less-than-favorable economic backdrop, according to the 11th annual report on financial stability, published by Morocco’s Central Bank, the Supervisory Authority of Insurance and Social Welfare and the Moroccan Capital Market Authority.
The sector’s size, measured by the overall assets of its components, passed the 3,000 billion dirham mark in 2023, an increase of 6.8%, representing 214% of national gross domestic product (GDP), the report points out.
The banking sector remains the major component of the financial sector, holding nearly 61% of overall assets, the same source adds.
The report also notes that the financial sector accounts for 40.58% of the capitalization of the Casablanca Stock Exchange, carried by seven banks, five finance companies and five insurance companies.
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