The Moroccan futures market has taken a significant step forward with the launch of an interbank market for currency swaps and overnight interest rate swaps. This development builds on efforts initiated in 2018 to expand the derivatives market, starting with the establishment of the interbank foreign exchange market.
With technical support from the European Bank for Reconstruction and Development, these new instruments provide banks with more sophisticated tools to manage interest rate and currency risks. To ensure a smooth transition, financial institutions received guidance on adopting these mechanisms, and a trial phase was implemented to assess their impact on the banking system.
Initial results indicate a gradual adoption of the market. While transaction volumes were high at the outset, a slight slowdown followed—a natural adjustment period as banks become more accustomed to these new financial instruments.
The expansion of the futures market marks a key milestone in strengthening the resilience of Morocco’s banking sector. By offering financial players more advanced risk management tools, these initiatives are expected to deepen the country’s capital markets and enhance their appeal on a regional scale.
