2023-06-14 20:56:57
Bank Al-Maghrib (BAM) should maintain, during its Board meeting scheduled for June 20, the key rate at its current level, i.e. 3%, indicated the chief economist at CDG Capital, Ahmed Zhani, speaking during the 1st conference of the annual webinar cycle on the results and outlook of listed companies.
In his intervention devoted to “macroeconomic balances and interest rate markets faced with the succession of crises”, the economist mentions as the reason for this decision, the weak impact of monetary policy on price stability, given the nature of the tensions inflationary trends and the weakness of the expectations channel among Moroccan households.
In addition, he noted that with the exception of the fall in the price of imports of raw materials and energy, the evolution of the international situation induces an expected drop in the share of foreign demand and foreign direct investment (FDI ) as well as a tightening of international financing conditions.
These facts, he said, generate for the national economy a reduction in the cost of manufacturing production, a slowdown in the rate of widening of the trade deficit, a drop in imported inflation and an increase in the cost of financing at the international.
In addition, the economist indicated that an ever-increasing money supply, combined with the increase in its liquid component, could generate a balance sheet risk for banks, given the preponderance of medium and long-term commitments, in particular in home loans.
“The sharp rise in currency in circulation at a rate well in excess of real GDP growth represents a source of growth in the informal sector, monetary-type inflation and a parallel foreign exchange market,” he said. explained, noting that the rise in the liquid part of the money supply is a component to watch over the next few years.
Rebound in earnings of listed companies in 2023
In another wake, Khadija El Moussily, senior analyst at BMCE Capital Global Research (BKGR), indicated, in her intervention under the theme “What earnings growth for a market recovery in 2023?”, that BKGR expects, for the year 2023, a rebound in the earnings capacity of companies listed on the Casablanca Stock Exchange by 19.1% to 30.6 billion dirhams (MMDH).
For the first quarter of this year, recalls the specialist, the overall turnover of listed companies rose by 6.6% to 73.2 billion dirhams, integrating a good orientation of industry revenues, an increase in net income (NBI) of financials and an improvement in insurance turnover, taking into account the good trend of the Non-Life activity and the decline in the activity of the Life branch.
This cycle of webinars is part of the actions carried out by the Casablanca Stock Exchange and the APSB to promote the market, by shedding light on topics of interest to both listed companies and investors.
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