INTERNATIONAL HIGHLIGHTS
The Dirham depreciated this week against the Dollar as the USD/MAD parity increased by +0.44% to 9.34.
The banks' foreign exchange position remains in deficit at MAD -4.5 Bn on a weekly average, i.e. the lowest since March 2020. This is due to increasingly significant import flows at this time of the year. This situation is reflected in liquidity spreads, which are at their highest since January 2021, i.e. -3.0% (+8 BPS) compared to the previous week. The evolution of the USD/MAD exchange rate is explained by a positive basket effect of +0.36% to which is added a positive liquidity effect of +0.08% this week.
With record inflation in the US in January 2022, the financial markets are anticipating a faster tightening of the Fed's monetary policy, which is inducing higher volatility of the EUR/USD parity.
Consistent with our scenario of the MAD depreciation in the ST, we recommend that importers hedge the dollar from 1 to 3 months.
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