Research & Analysis

The MAD appreciates this week against the dollar. The USD/MAD pair evolved by -0.45%, going from 10.44 to 10.39 in one week. This change is explained by a basket effect of -0.24% and a market effect of -0.21% related to a slight improvement in the liquidity conditions of the dirham.

The MAD is depreciating this week against the dollar. The USD/MAD pair increased by +0.45% from 10.39 to 10.44. This evolution is explained by a basket effect of +0.11% and a market effect of +0.34% related to the tightening of liquidity conditions for the dirham.

During our survey conducted in March, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate during its 1st monetary policy meeting scheduled for March 21st, 2023.

At the end of 2022, Label Vie's revenue stands at 13,947 Bn, slightly higher than our forecasts which anticipated an activity level of 13,556 Bn. Therefore, yhe Group recorded a sustained growth of +18.6% in 2022, the highest in the last decade.

During 2022, listed companies operated in a particularly unfavorable environment. For in-stance, we note a historically high average inflation rate of 6.6%, an appreciation of the dollar compared to the dirham of 13.1% and a bullish reversal of rates in Morocco supported by Bank Al-Maghrib's new monetary policy.

The MAD appreciates this week against the dollar. The USD/MAD pair fell -0.14% from 10.41 to 10.39. This change is explained by a basket effect of -0.13% related to the appreciation of the euro this week.

The MAD is depreciating this week against the dollar. The evolution of the EUR/USD pair remains dependent on the evolution of the economic context and inflation in Europe and the United States.

The dirham is depreciating this week against the dollar. The USD/MAD pair fell from 10.16 to 10.25, an increase of +0.86%. The EUR/USD evolution remains very sensitive to the release of economic figures and the monetary policies of major central banks.

Senegal has accustomed us to posting very high growth rates which find origin in a diversified economy. In a crisis period, Senegal has shown strong resilience, and is one of the few economies to maintain a positive growth rate.