Research & Analysis

The dirham depreciated against its benchmark basket following the sharp deterioration in liquidity in the interbank foreign exchange market. Attests to this the restrictive MAD liquidity effect of 0.64%. To this effect, the USD/MAD pair appreciates by +0.29% to 10.2880.

The Dollar depreciated against the Dirham this weekby -1.74% to 10.2579. This favorable variation for the Dirham is explained by a double basket effect of -0.63% following the rebound of the Euro internationally and a liquidity effect of -1.11%.

The Dollar appreciated strongly against the Dirham this week by +2.58% to 10.4395, driven by a double basket effect of +0.55% and a liquidity effect of  +2.03%.

The USD/MAD parity appreciated this week by +0.08% to 10.0348 driven by a significant basket effect of +0.43%. The latter is linked to the rise of the dollar internationally.

The USD/MAD parity depreciated this week by -0.48% to 10.0264 penalized by a double basket and liquidity effect.

The USD/MAD parity appreciated this week by +1.63% to 10.0746, driven by a double basket and liquidity effect.

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.

Despite an expansive market effect for the MAD, the latter depreciated this week against the USD after three successive weeks of appreciation. Indeed, the USDMAD pair thus rose by +0.53% to 9.9135.

The MAD appreciated this week against the USD for the third week in a row thanks to a liquidity effect of -0.27%. This effect contributes more than 60% to the variation of the USD/MAD pair, which depreciated by -0.44% to 9.86 this week.