Research & Analysis

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.

The dollar is back above 11 MAD this week, appreciating by +1.03%. This is due to a double basket/liquidity effect unfavorable to the MAD, i.e. +0.86% and +0.17% respectively.

In a tense international context, marked by continued inflationary pressures and the downward revision of economic growth forecasts, we are witnessing a significant deterioration in investor confidence toward the Equity market.

The USD/MAD pair is depreciating to 10.91 this week, posting a significant decline of -1.07%. While the liquidity effect was almost neutral during this period, most of the change in the MAD is explained by a basket effect of -1.16%. 

The USD/MAD pair is stabilizing at 11.02 this week with a change of +0.05%. The market effect comes out at +0.15% restrictive for the dirham this period.

The USD/MAD pair appreciated by +0.68% to 11.02 this week. Originally, a double Basket & Market effect of +0.39% and +0.29% respectively.