he Moroccan Capital Market Authority has published its monthly indicators for July: 70,877 million dirhams raised since the start of the year, against 71,759 a year earlier, down 1%.
The composition has changed entirely. Bond issues fall to 16,850 million dirhams against 28,400, a drop of 41%, and share issues are down 28%.
Negotiable debt securities climb to 51,025 million against 39,189, and inside that mass certificates of deposit leap 90%, to 27,839 million.
Put another way, the market raised almost as much money as a year earlier through a different window. Long corporate debt withdrew, and short bank paper took all the room.
The MASI ends the month at 17,843.70 points, down 5.32% since January. Only collective management grows, and it is the short-term bond funds and the money-market funds that take most of the subscriptions.
Moroccan savings are not leaving the market, then, they are shortening. It is that preference for the short end that will decide what financing costs Moroccan companies in the second half.
Photo: AyourAchtouk, CC BY-SA 4.0.
AMMC - Indicateurs mensuels du marché des capitaux — Juillet 2026
AMMC - L’AMMC publie les indicateurs mensuels du marché des capitaux pour le mois de juillet 2026
