- AMMC - Autorité Marocaine du Marché des Capitaux
- Morocco's capital markets regulator, equivalent to the SEC (US) or AMF (France). Supervises the Bourse de Casablanca, licensed brokers, investment funds, and market intermediaries. Enforces disclosure rules, investigates insider trading, and approves new listings. Established in 2013 to replace the former CDVM with broader powers and independence.
- BAM - Bank Al-Maghrib
- Morocco's central bank, established in 1959. Responsible for monetary policy, financial stability, foreign exchange reserves, and management of the dirham exchange-rate regime. Acts as lender of last resort to Moroccan banks.
- BVC - Bourse de Casablanca
- Morocco's only stock exchange, founded in 1929. Lists equities, bonds, and other instruments. Trading runs Monday–Friday, 09:30–15:30 WAT. Supervised by the AMMC. One of the largest stock exchanges in Africa by market capitalisation.
- CDG - Caisse de Dépôt et de Gestion
- Morocco's largest institutional investor and public financial institution, established in 1959. CDG manages public savings (postal savings, pension reserves, insurance deposits) and deploys them into long-term investments: infrastructure, real estate, tourism, and equity markets. CDG holds significant stakes in listed Moroccan companies including Maroc Telecom and several banks. Its investment arm, CDG Capital, is a licensed broker on the BVC and manages OPCVM funds. CDG's buying and selling activity can move prices on the Casablanca exchange because of the size of its positions.
- Cost of Risk (CoR)
- A banking-specific metric that measures how much a bank sets aside to cover loans that might not be repaid, expressed in basis points of the total loan book. A cost of risk of 80 basis points means the bank provisions 0.80% of its outstanding loans per year against potential defaults. Lower is better, but unusually low cost of risk can signal under-provisioning. Moroccan banks report cost of risk in their semiannual and annual results, and it is one of the most closely watched numbers for ATW, BCP, and Bank of Africa because it directly reflects the health of their loan portfolios.
- Dirham (MAD)
- The official currency of Morocco (ISO: MAD), subdivided into 100 centimes. Not freely convertible - capital account transactions require Office des Changes approval. Operates under a crawling peg against a basket weighted 60% euro, 40% US dollar, managed by Bank Al-Maghrib within a fluctuation band of ±5%.
- EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortisation
- A measure of operating profitability that strips out financing costs, tax, and non-cash accounting charges. EBITDA is the standard profitability metric for non-financial companies on the BVC, especially telecoms and industrials. Maroc Telecom (IAM) reports an EBITDA margin around 50%, which is high by global standards and reflects the capital-intensive, recurring-revenue nature of telecom businesses. EBITDA is not used for banks because bank revenue structures are fundamentally different (see PNB).
- EPS - Earnings Per Share
- Net income divided by the number of outstanding shares. EPS is the most commonly cited per-share profitability metric on the BVC. On Dalil's stock pages, EPS is shown alongside the share price to give a quick read on valuation. Two things to watch with Moroccan stocks: share counts rarely change because buybacks and dilution are uncommon on the CSE, and one-off items (asset sales, exceptional provisions) can inflate or deflate EPS in ways that do not reflect operating performance.
- Free Float
- The proportion of a company's shares available for public trading. Shares held by founders, government, or strategic investors are excluded. The MASI uses free-float market capitalisation weighting - a company's index weight is based only on its publicly tradeable shares, not total market cap. Higher free float means better liquidity and price discovery.
- MASI - Moroccan All Shares Index
- The main benchmark equity index of the Bourse de Casablanca, covering listed companies weighted by free-float market capitalisation. It is the standard reference for Moroccan equity market performance.
- MASI20
- A blue-chip index tracking the 20 most liquid companies on the Bourse de Casablanca, reviewed quarterly. Used as the underlying for structured products, ETFs, and derivatives. Divergences from the MASI indicate rotation between large caps and the broader market.
- MRE - Marocains Résidant à l'Étranger
- Moroccans living abroad, primarily in France, Spain, Italy, Belgium, the Netherlands, Germany, and the Gulf states. MRE remittances are one of Morocco's largest sources of foreign currency, exceeding $11 billion annually and often surpassing tourism revenue. BCP is the dominant bank for MRE remittances, handling roughly 52% of the flow through its international network. On Dalil, the EUR/MAD and USD/MAD rates are directly relevant to MRE users tracking the dirham value of their transfers home.
- Maroclear
- Morocco's central securities depository. Records ownership of listed securities and manages T+2 settlement of trades. Also handles corporate actions: dividend payments, rights issues, stock splits.
- OCP Group
- Morocco's state-controlled phosphate mining and fertilizer company, one of the world's largest phosphate producers. Morocco holds approximately 70% of known global phosphate reserves. Performance is closely tied to global phosphate and fertilizer prices.
- Office des Changes
- Morocco's foreign exchange control authority, operating under the Ministry of Finance. The Office des Changes regulates all cross-border capital flows, sets the rules for currency conversion, and enforces capital account restrictions. Foreign investors buying Moroccan stocks must comply with Office des Changes reporting requirements. The office also publishes Morocco's balance of payments data, which is one of the primary sources for understanding the trade deficit and the dirham's external position.
- OPCVM - Organisme de Placement Collectif en Valeurs Mobilières
- Moroccan collective investment schemes (mutual funds), equivalent to European UCITS. Regulated by AMMC, managed by licensed management companies. Types include equity, bond, money market, and diversified funds. Primary vehicle for retail investor access to Moroccan capital markets.
- Crawling Peg
- Since January 2018, the dirham operates within a managed fluctuation band of ±5% around a central rate linked to a currency basket (60% EUR, 40% USD). Bank Al-Maghrib intervenes to keep the dirham within this band. The long-term goal is a fully floating exchange rate.
- PNB - Produit Net Bancaire
- The top-line revenue metric for Moroccan banks, roughly equivalent to "net banking income" in English. PNB is the sum of net interest income (what the bank earns on loans minus what it pays on deposits) plus fee and commission income plus trading income. It replaces the concept of "revenue" used by non-financial companies because banks do not have conventional sales. When reading ATW or BCP earnings, PNB is the first number to check. Growth in PNB means the bank's core business is expanding; contraction means margins or volumes are under pressure.
- ROE - Return on Equity
- Net income divided by shareholders' equity, expressed as a percentage. ROE measures how efficiently a company turns its equity capital into profit. For Moroccan banks, ROE is the most important profitability ratio because banking is a capital-intensive business regulated by solvency requirements. A Moroccan bank with 12% ROE is generating 12 dirhams of profit for every 100 dirhams of equity. ATW and BCP typically run in the 12 to 18% range. For telecom stocks like IAM, ROE is less useful because the equity base reflects decades of accumulated infrastructure depreciation rather than loss-absorbing capital.
- T+2 Settlement
- Trades on the BVC settle two business days after execution. A Monday trade settles Wednesday. Weekends and holidays are not business days. Settlement is processed through Maroclear. The international standard adopted by most major exchanges.