Research & Analysis

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.    

The Dirham appreciated against the Dollar this week to 10.05 against 10.03 the previous week, a variation of +0.17%. This latter is mainly explained by a positive basket effect which stands at +0.27% following the appreciation of the Dollar this week. The market effect, for its part, comes out negative at -0.10% in favor of the Dirham.

The Dollar depreciates against the Dirham this week to 10.03 against 10.09 the previous week, a variation of -0.60%. This evolution is mainly explained by a negative basket effect which stands at -0.70% following the depreciation of the Dollar against the Euro this week. [...]

During our recent survey, we identified investors' expectations regarding the evolution of the Moroccan Central Bank Key rate during its first monetary policy meeting scheduled for March 19th, 2024