INTERNATIONAL HIGHLIGHTS
The Dirham is depreciating this week against the EUR
and the USD. This is due to a restrictive liquidity effect for the MAD of more than +0.31%. This effect was larger than the basket effect. The USD/MAD and EUR/MAD pairs have increased by +0.54% and +0.16% respectively this week.
The tightening of liquidity on the interbank foreign exchange market led to an increase in MAD liquidity spreads from -1.7% to -1.4% over the week. Also, we note a decrease of the banks foreign exchange position.
It went from -2.9 billion dirhams on a weekly average to -3.5 billion dirhams this week.
The uncertainties around the situation in Ukraine and the next orientations of the ECB, fuel a strong volatility
of the currencies on the foreign exchange market.
Under these conditions, we recommend that dollar exporting investors implement hedging strategies on the MAD at current prices.
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