INTERNATIONAL HIGHLIGHTS
The dirham is appreciating this week against the dollar. The USD/MAD pair fell from 10.18 to 10.16, a decrease of -0.14%.
This is due to a basket effect of -0.21% in favor of the MAD offset by a liquidity effect of +0.07%. Import and
export flows are relatively balanced this week.
Liquidity spreads edged up 8 BPS to 2.86%. These positive spreads still reflect a depreciation of the dirham against its benchmark basket. The latter moved away from the upper limit of the MAD fluctuation band set at +5%.
The evolution of the EUR/USD pair remains very sensitive to the evolution of the economic context and to the
decisions of the major central banks.
We recommend that dollar importers reduce their hedging horizons in order to benefit from the favorable
development of the USD/MAD parity.
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