Insights

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.

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 release of H1-22 results of listed companies comes amid an unprecedented context marked by an acceleration of inflation at local and international level.

On the sidelines of its 3rd monetary policy meeting in 2022, Bank Al-Maghrib decides to raise its Key Rate by +50 BPS to 2.0% for the 1st time since 2008.

At the end of the 1st half of 2022, Cosumar recorded an increase in its consolidated revenue of +16% to MAD 5,076 Mn, driven mainly by the Export activity.

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.

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.

IBOR Transition: challenges and impacts in Morocco and internationally

In recent years, the questioning of the reliability of IBOR rates has triggered a reform that will lead to the gradual disappearance of these interest reference rates and their replacement by other benchmark indices.