Research & Analysis

The Dollar depreciated against the Dirham this week to 10.03 against 10.06, i.e. a variation of -0.33%.This evolution is explained by a double negative. On the one hand, a liquidity effect of -0.24%, which led to an appreciation of the Dirham against several foreign currencies this week.

For this edition of the AGR House View, we focus on the virtuous circle of resilience on which Morocco will rely to achieve its  strategic objectives. In fact, the post-Covid experience reveals that resilience can also trigger virtuous cycles to the benefit of some countries.

The Dollar depreciated against the Dirham this week to 10.06 against 10.12, a variation of -0.54%.This evolution is explained by a basket effect of -0.21% related to the depreciation of the Dollar this week and a liquidity effect of -0.33% in favor of the Dirham.

The Dollar appreciated against the Dirham this week to 10.14 against 10.02, i.e. a variation of +1.23%. We recall that the previous week's quote for this exchange rate dates from Tuesday. 

EUR/USD lost momentum and closed the week down 1.8%. The pair traded at the limit of 1.06 compared to 1.084 a week ago.

The release of listed companies¡¦ 2023 annual results took place within a context marked by the visible decline in inflation, an economic growth of almost 3.0% and the confirmation of the end of the tightening monetary cycle through an unchanged key rate at 3% since June 2023. 

Attijariwafa bank confirms the resilience of its ¡§business model¡¨ through both a solid and a sustainable growth since the Covid crisis. With its strong positioning, the Group would be at the heart of the new investment dynamic in Morocco over the 2024-2030 period . 

Managem Group, a leading mining player, is launching a new capital increase operation for a total amount of MAD 3.0 Bn. The main aim is to accelerate the deployment of its 2023-2025E investment program while ensuring the solidity of its balance sheet.

For the 4th consecutive time, Bank Al-Maghrib decides to keep its Key Rate unchanged at 3% during its first monetary policy committee in 2024. The institution had abandoned its restrictive monetary policy, after three cumulative increases of +150 BPS of its Key Rate since September 2022.