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Capital Market Fundraising Slows in Early 2022
Morocco's capital markets saw a slight decline in fundraising during the first four months of the year, according to data released by the country's markets regulator. Total funds raised from January through April reached 33.09 billion dirhams (US$ 3.3 billion), a decrease of around 450 million dirhams compared to the same period in 2021.
The majority of fundraising came from certificates of deposit, which raised 17.425 billion dirhams. Bonds issued by finance companies totaled 4.13 billion dirhams, while commercial paper brought in 6.79 billion dirhams.
Loan volumes on the country's markets also decreased modestly compared to the start of the year. In April alone, outstanding loans amounted to 32 billion dirhams, down 7% since January but up 9% year-over-year.
While overall fundraising remains sizable, the slight downtick represents a shift from recent growth trends in Morocco's capital markets. The Autorité Marocaine du Marché des Capitaux, the markets regulator, will monitor developments to determine if the slowdown persists or if markets rebound in coming months. Continued economic recovery and stable macroeconomic conditions should help support fundraising over the long run.