INTERNATIONAL HIGHLIGHTS
The dirham is appreciating this week against the dollar. The USD/MAD pair fell from 10.20 to 10.18, a decrease of -0.24%.
This is due to a basket effect of -0.30% in favor of the MAD which is related to the drop of the dollar internationally. The liquidity effect is weak at +0.06%.
Liquidity spreads remained almost stable at 2.8%. 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 economic context evolution and to the decisions of the major central banks.
We recommend that importers in dollars reduce their hedging horizons in order to benefit from the favorable levels of the USD/MAD parity.
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