Rabat – Morocco continues to face several barriers that make its financial market less accessible to international investors, according to the 2026 MSCI Global Market Accessibility Review, which kept the country in the “Frontier Market” category without any change from last year.
One of Morocco’s main challenges is the limited availability of information in English. MSCI said company disclosures, detailed stock market information, and some financial regulations are not always published in English, which makes it harder for international investors to follow listed companies and understand the market.
The report also noted restrictions related to foreign exchange and capital movement. While Morocco generally allows money to move into and out of the country, investors may face limits when transferring funds abroad if they cannot prove that the original investment entered the country in foreign currency.
In addition, repatriation of funds must be carried out through convertible Moroccan dirham accounts, and investments financed through foreign transfers must be reported to the Exchange Control Office.
MSCI also noted that Morocco’s foreign exchange market remains partly restricted. Offshore trading of the Moroccan dirham is limited, while domestic foreign exchange transactions must be linked directly to securities transactions, reducing flexibility for investors managing currency risks.
The report gave Morocco one of its weakest assessments in the area of clearing and settlement. It pointed to the lack of legal recognition for nominee accounts, which are widely used in international markets, as well as restrictions on overdraft facilities available to foreign investors.
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Other issues the report identified include relatively high trading costs due to limited competition among brokers and restrictions on certain off-exchange transactions.
Despite these challenges, Morocco received strong ratings in several areas. The country scored highly for investor registration and account setup, foreign ownership rules, custody services, central securities depository systems, and the availability of investment instruments.
The report’s comparison table shows Morocco performing well in openness to foreign ownership and investment products, while receiving lower scores for information flow, market regulations, trading, transferability, and foreign exchange liberalization.
The annual report evaluates how easy it is for foreign institutional investors to invest in stock markets around the world. It examines five key areas, including openness to foreign ownership, capital flows, market operations, investment tools, and institutional stability.
MSCI said the review reflects feedback from global asset managers, brokers, custodians, exchanges, regulators, and other market participants. The organization uses the findings to assess how closely markets meet international standards and to identify reforms that could improve access for foreign investors.
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