Casablanca Stock Exchange (BVC) Investment Simulator — net return projection

The Casablanca Stock Exchange (Bourse des Valeurs de Casablanca / BVC) is Morocco's national stock exchange, home to over 70 listed companies. Our simulator projects your net capital after the 15% capital gains and dividend tax — the lowest rate on any Moroccan savings product.

BVC: Africa's underrated stock exchange

The Casablanca Stock Exchange consistently ranks among the top three stock exchanges in Africa by market capitalisation. Listed companies include banks (Attijariwafa, BCP), telecoms (Maroc Telecom), and energy producers. For expats and international investors, BVC equities offer exposure to Morocco's economic growth, with capital and dividends freely repatriable under Office des Changes rules. Compare BVC against a Moroccan equity fund using our comparator.

Who should consider investing on the Casablanca Stock Exchange?

Direct stock market investment suits savers with at least MAD 10,000–20,000 — a minimum threshold to diversify across 3 to 5 stocks and dilute company-specific risk. It is best suited to investors comfortable with volatility and able to follow the financial news of listed companies. Over the long term (7+ years), the BVC has historically delivered some of the best returns in the MENA region, driven by regular dividends from banks, telecoms and building materials sectors.

How to invest on the Casablanca Stock Exchange?

Investing in Moroccan stocks requires going through a Casablanca Stock Exchange-licensed broker. The main brokerage firms are: CFG Marchés, BMCE Capital Bourse, Attijari Intermédiation, WafaBourse, CDG Capital Bourse and Bourse Direct Maroc. Open a securities account online or at a branch, deposit your initial capital, then place buy orders. Brokerage fees range between 0.1% and 0.3% per transaction — compare before opening your account.

How can foreigners invest in the Casablanca Stock Exchange?
Foreign residents and non-residents can invest via a securities account at an AMMC-licensed brokerage or Moroccan bank. Capital and dividends can be freely repatriated under Office des Changes regulations.
What is the tax on BVC shares in Morocco?
Capital gains and dividends from BVC-listed shares are taxed at 15% under the Finance Act 2026 — lower than the 20% applied to most mutual funds. The withholding is made at source by the broker. Non-residents may benefit from tax treaties.
What is the MASI index and its historical return?
The MASI (Moroccan All Shares Index) tracks all listed BVC shares. It rose over 26% in 2025. Over the past decade the MASI has averaged approximately 6% to 8% per year. Past performance does not guarantee future results.
BVC shares vs equity fund: which is better for expats?
Direct BVC shares have a lower tax rate (15% vs 20%) and direct ownership but require company research. Equity funds provide instant diversification with professional management — more practical for non-resident investors unfamiliar with Moroccan listed companies.

Other Morocco savings simulators

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Sources: Casablanca Stock Exchange — MASI performance; AMMC — market regulation; Office des Changes — foreign exchange rules. Calculations are indicative — past performance does not guarantee future results.