INTERNATIONAL HIGHLIGHTS
The Dirham continues to depreciate against the Dollar this week at 9.29 by a weekly performance for the first week of 2022 of +0.06%.
For its part, the foreign exchange position of banks stabilized at -3.6 billion dirhams while liquidity spreads remained at their highest since the end of April 2021.
The latter stood at -4.1%, down - 10 PBS compared to the previous week.
The evolution of the MAD is explained by a positive basket effect of +0.16% concomitant with the rise of the Dollar internationally. This offset a negative market effect of -0.10% this week.
Caution is still required in the face of the very high volatility of the Dollar given the change of the Fed's monetary policy in 2022.
We recommend that importers hedge the dollar against the appreciation of the greenback over the next 3 months.
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Sur le même thème
MAD Insights january 10th, 2022
The MAD depreciated this week against the greenback in a foreign exchange market marked by significant import flows at the end of the year. The banks foreign exchange position was in negative territory at MAD -3.6 Bn, thus bringing the liquidity spreads to their highest since the end of April 2021.
MAD Insights january 3rd, 2022
The liquidity spread of the dirham, which represents the difference between the reference price of the MAD and its central price, is reduced by +0.7 PBS. It stands this week at -4.23%, a 7-month high, stable from the previous week.
MAD Insights december 23rd, 2021
The liquidity spread of the Dirham, which represents the difference between the reference price of the MAD and its central price, is reduced by 21.8 BPS. This week, the spread stands at -4.23%, a low over the last six months, against -4.45% a week earlier.
