Research & Analysis

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.

USD/MAD appreciated by +1.24% from 9.99 to 10.11 this week. The Dollar is thus appreciating for the 4th consecutive week to go back above MAD 10 for the  first time since June. The evolution of the EUR/USD pair remains mainly dependent on the monetary policy decisions of the Fed and the ECB. [...]

The orientation of the stock market in recent years confirms, in our opinion, its high sensitivity to bonds. In  2022, the bullish reversal of the yield curve in Morocco was accompanied by an annual underperformance of the MASI index of -20%.

The USD/MAD appreciated this week by +1.05% from 9.88 to 9.99. The Dollar thus appreciated for the 3rd consecutive week to reach a high since the end of last June.

The USD/MAD increased by +0.75% from 9.81 to 9.88.The Dollar thus appreciated for the 2nd consecutive week to reach a high since the end of last June. Despite this increase, these spreads should continue to fall during the month of August, supported by workers’ remittances during the summer period.

The USD/MAD appreciated this week by +0.75% after 3 weeks of successive declines, going from 9.68 to 9.75. This is due to a double positive effect, i.e. a positive basket effect of +0.56% related with the correction of the Euro internationally and a positive liquidity effect of +0.19%.