Research & Analysis

The USD/MAD pair fell -0.11% from 10.26 to 10.25 this week. This evolution is explained by a negative basket effect of -0.23%, more significant than the market effect which came out in positive territory at +0.12%.

The USD/MAD pair depreciated by -0.32% from 10.29 to 10.26 this week. The ECB and the Fed took a break in their last monetary policy meeting and the consensus does not foresee further interest rate hikes by the end of 2023.

The USD/MAD pair depreciated by -0.19% from 10.29  to 10.27 this week. This evolution is explained by a positive basket effect of +0.21% related to the appreciation of the dollar internationally and a negative market effect of -0.40% which is explained by a drop in liquidity spreads on the Moroccan interbank foreign exchange market this week.

The first half of 2023 was marked by a visible deceleration in the inflation level both internationally and nationally. In fact, the inflation rate in Morocco declined from a high of 10.1% in February to 5.5% in June 2023. 

The USD/MAD pair is on the rise again and shows an increase of +1.08% to 10.26, a 5 months high. At the origin of this evolution, a double positive effect.  

During our survey conducted in September, we identified investors' expectations regarding the evolution of the Moroccan central bank’s key rate during its 3rd monetary policy meeting scheduled on September 26th 2023..

The upward trend in the USD/MAD parity was interrupted this week with a drop of -0.14% to 10.1535, the first time since the end of July 2023.

The Dirham is depreciating this week against the Dollar following a double basket-liquidity effect. The USD/MAD appreciated by +0.54% to 10.17 in one week, its highest level since the beginning of June 2023.

During the 2nd quarter of 2023, listed companies' achievements took place in a context marked by a slowdown in the inflation level in Morocco. The latter fell from a high of 10.1% in February to 5.5% in June 2023.