INTERNATIONAL HIGHLIGHTS
The Dirham appreciated this week against the Dollar thanks to a basket effect of -0.35%. Despite a penalizing market effect for the MAD, the USD/MAD pair fell -0.12% to 10.2943.
The banks’ foreign exchange position improved to -MAD 4.9 bn on average weekly against MAD -5.4 bn
the previous week. An evolution supported by record workers’ remittances in H1-22.
Nevertheless, liquidity conditions on the interbank foreign exchange market seem unfavourable.
Liquidity spreads remain positive this week at 0.52% up +23 BPS from the previous week.
Inflationary pressures continue to weigh on growth prospects in Europe. These fears are rekindling expectations of a recession scenario in and fueling volatility in currency markets, particularly the EUR/USD pair.
To this end, we recommend that exporters in Dollar adopt very ST hedging strategies.
Read more.
