Research & Analysis

The USD/MAD parity appreciated this week by +1.63% to 10.0746, driven by a double basket and liquidity effect.

During our survey conducted in June, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate during its 2nd monetary policy meeting in Q2-22.

Despite an expansive market effect for the MAD, the latter depreciated this week against the USD after three successive weeks of appreciation. Indeed, the USDMAD pair thus rose by +0.53% to 9.9135.

The MAD appreciated this week against the USD for the third week in a row thanks to a liquidity effect of -0.27%. This effect contributes more than 60% to the variation of the USD/MAD pair, which depreciated by -0.44% to 9.86 this week.

At the end of this 1st quarter of 2022, 66 listed companies representing more than 99% of the mar-ket capitalization published their quarterly indicators.

Given the USD decline on the international foreign exchange market as well as the improvement in liquidity conditions in the domestic interbank compartment, we have witnessed a drop in the USD/MAD parity of -1.12 % at 9.90.

The rise of the single currency has supported the appreciation of the MAD against the dollar as the market effect was insignificant.

The USD/MAD parity is strengthening this week at 10.13. Originally, a significant basket effect for the MAD of +1.03% to which is added a liquidity effect of +0.40%.

At the end of this 20th edition, the investors' perception toward the Equity market over the coming 3 months has shifted from the "Assurance" phase to the "Wait and See" phase.