INTERNATIONAL HIGHLIGHTS
The Dirham has weakened this week against the US Dollar, despite an improvement in the liquidity of the
Moroccan interbank foreign exchange market. This is due to the strong appreciation of the Dollar inducing a
significant basket effect of +1.39%. For its part, the market effect comes out at -0.54%. The USD/MAD pair therefore appreciated by +0.85% to 10.3815 this week.
The foreign exchange position improved to MAD -3.9 Bn on average weekly compared to MAD -5.1 Bn the
previous week. This variation has been supported by foreign exchange inflows from MLA.
Liquidity spreads are back in negative territory, falling from -54 BPS to -0.02%.
Energy supply fears are weighing on growth prospects in Europe. This situation fuels the recession scenario
and therefore the level of volatility of the EUR/USD pair.
We advise Corporates to favor hedging strategies on very ST horizons.
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