Language, clearing and currency rules continue to hold back foreign investment in Morocco

Language barriers, clearing rules and foreign exchange restrictions remain some of the biggest obstacles facing international investors in Morocco, according to the latest global market accessibility review by MSCI.

Morocco kept its “frontier market” status in MSCI’s 2026 review, with no upgrade or downgrade, as the country’s financial market continued to fall short on several measures that global institutional investors consider important when deciding where to invest.

One of the clearest problems identified in Morocco is access to information. MSCI said company disclosures, market information and financial regulations are not always available in English.

That means many international investors who do not speak Arabic or French cannot access the same information as local investors, making it harder to follow listed companies and market developments.

The report also pointed to foreign exchange rules that continue to limit flexibility. While Morocco generally allows capital to move in and out of the country, investors must prove that foreign currency originally entered Morocco before they can transfer funds abroad.

Those transfers must also go through convertible dirham accounts, while investments financed with money from overseas must be declared to the country’s foreign exchange office.

MSCI said offshore trading of the Moroccan dirham is restricted, while domestic foreign exchange transactions must be linked to securities trades. That leaves foreign investors with less freedom to manage currency exposure independently of their investments.

Clearing and settlement received Morocco’s lowest assessment in the report. MSCI highlighted the lack of legal recognition for nominee accounts, a standard feature in many international markets, as well as restrictions on overdraft facilities available to foreign investors.

Morocco received the highest rating for several areas, including investor registration, foreign ownership limits, custody services, central securities depository systems and the availability of investment instruments.

Other areas, including capital flow rules, trading, institutional stability and information access, were rated as having room for improvement rather than major deficiencies.

MSCI said six frontier markets recorded improvements this year, including Romania, Slovenia, Croatia, Kazakhstan and Kenya, while none moved backward. Morocco, however, remained unchanged.