INTERNATIONAL HIGHLIGHTS
The Dirham is depreciating this week against the EUR and the USD for the 4th week in a row. This is due to a restrictive liquidity effect of the MAD of +0.27% and a neutral basket effect.
The USD/MAD and EUR/MAD parities thus changed by +0.27% this week. The tightening of liquidity on the
interbank foreign exchange market led to an increase in MAD liquidity spreads from -1.4% to -1.1% over the week. We further note a decrease in the banks’foreign exchange position. It went from MAD -3.1 bn on a weekly average to MAD -3.4 bn this week.
The uncertainties around the situation in Ukraine and the next orientations of the ECB are fueling high currency volatility on the foreign exchange market.
Under these conditions, we recommend dollar exporting investors to set up very ST hedging strategies on the MAD.
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