INTERNATIONAL HIGHLIGHTS
The MAD depreciates for the fourth week in a row against the dollar, given a restrictive market effect. This week, we saw a significant drop in liquidity conditions on the interbank market. The bank foreign exchange position fell to MAD -50 Mn against a weekly average of MAD 1.8 Bn a week earlier. USD/MAD appreciates + 0.37% to 9.24, a 14-month high.
The liquidity spread between the MAD reference price and its central price increases by +30 bps this week. It stands at -4.59%, at lowest levels since June 2021. At the origin of this development, a recovery in import flows greater than export flows.
In a context of high EUR/USD volatility, we recommend adopting higher ST hedging strategies.
Nonetheless, we maintain our central scenario that concerns the appreciation of the MAD against the US dollar over the next three months.
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