Research & Analysis

The EUR/USD pair appreciated this week by +1.75%, rising from 1.0644 to 1.0830, its highest since April 2022.

The dirham continues to appreciate against the dollar, going from 10.50 to 10.45. We recall the MAD reached an annual peak of 11.1 in September. The USD/MAD pair finally ended the year 2022 up 12.6%.

INTERNATIONAL HIGHLIGHTS The EUR/USD pair appreciated this week by +0.44%, rising from 1.0540 to 1.0586, a 6-month high. US inflation slowed in November to 7.1% below expectations of 7.3%.

During our survey conducted in December, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate during its 4th and last monetary policy meeting in 2022.

The USD/MAD pair fell for the 5th consecutive week by -0.07% to 10.55 this week. This is above a than 3-month low.

USD/MAD fell for the 4th consecutive week by -1.08% to 10.56 this week, at a 3 month low. This is due to a negative basket effect of -0.72% following the correction of the Dollar and a liquidity effect of -0.36% in favor of the MAD.

On the macro-economic level, the 3rd quarter of 2022 was marked by the persistence of inflationary tensions in Morocco with an average level of 8.0%, the downward revision of GDP growth forecasts to 0.8% for the year 2022 and the raising by Bank Al-Maghrib of its Key Rate by 50 PBS to 2.0%.

The MAD continues to appreciate against the US dollar for the second week in a row. USD/MAD stands at 10.72, down -0.31% in one week.

The dollar is back below MAD 11 this week, with an evolution of -2.44%. Originally, a basket effect favorable to the MAD of -2.67%. The liquidity effect came out at +0.23%, detrimental to the MAD.