INTERNATIONAL HIGHLIGHTS
The Dirham has appreciated this week against the Dollar after four successive weeks of MAD depreciation. Indeed, the pair USD/MAD stands at 9.23, a decrease of -0.17% during the past week.
This can be explained by a marked improvement in the banks' foreign exchange position at the end of the week following major export flow transactions on the market. It fell from MAD -3.7 Bn, a 12-month low, to MAD -1.3 Bn.
Under these conditions, the liquidity spread between the MAD reference price and its central price is widening by -1.8 BPS. It stands at -4.61%, the lowest since June 2021, against -4.59% a week earlier.
The volatility of the MAD against the main benchmark currencies remains relatively high. It even exceeds 7.0% for the JPY / MAD pair.
In view of the liquidity conditions of foreign exchange market and bearish forecasts on the euro in MT, we recommend hedging import operations over ST.
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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