INTERNATIONAL HIGHLIGHTS
The depreciation of the Dirham against the Dollar is confirmed this week through a variation of the parity of +0.92% to 9.42.
The MAD thus exceeded the 9.40 threshold for the third time since the start of 2022. This level remains the highest since July 2020. The banks' foreign exchange position remains in deficit at -4.2 billion dirhams on a weekly average, i.e. the lowest since March 2020. Liquidity spreads are at their highest since October 2020, i.e.-2.3% compared to the previous week.
At the origin of the depreciation of the Dirham against the dollar this week: a basket effect of +0.21% and a liquidity effect of +0.71%.
The tensions between Russia and Ukraine combined with uncertainties about the magnitude of the Fed's rate hikes in March 2022, induce increased volatility in the EUR/USD pair.
Consistent with our scenario of depreciation of the dirham on ST, we recommend that importers favor more hedging strategies on ST.
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