Measures to reactivate stock exchange announced
Morocco, Economics, 8/7/2001

Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, announced Monday a number of measures meant to reactivate the stock exchange and restore trust.

Oualalou said starting in 2002 individuals will be exempted from the income tax while insurance companies will benefit from a 50% reduction on the added value derived from the selling of stock exchange-listed shares, for a four-year period, said the minister when installing Dounia Taarji, as new head of the ethical committee of movable values.

Oualalou said that these incentives will be proposed in the frame of the 2002 finance bill and announced that a number of legal implements will be adopted to enhance the role of the ethical committee of movable values.

The Casablanca bourse general index posted this Tuesday a performance of 2.76 percent getting out of the red for the first time in 30 months.

This is a historic day for the stock exchange whose annual performance went up to 0.85 percent immediately after the opening, member of the bourse directory, Khalid Belkhoutout told MAP.

He ascribed the performance to the measures announced Monday by Oualalou and said investors started buying shares, benefiting from the low rates.

The measures announced by Oualalou were also hailed by the bourse director general, Driss Bencheikh, and by the professional association of bourse companies. The measures will reactivate the market, they told the media.

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