INTERNATIONAL HIGHLIGHTS
The USD/MAD pair depreciated this week by -0.29% from 10.10 to 10.07.
This evolution is explained by a negative market effect.
This comes out at -0.36% in favor of the Dirham. The basket effect, for its part, comes out slightly positive at +0.07% as the Dollar strengthens internationally.
The liquidity spreads of the Dirham continue to improve from -36 BPS to -1.78%. The good performance of export flows, however, has made it possible to maintain these spreads in a negative territory. It should be noted that in 2024, tourist arrivals in Morocco reached an all-time high of 17.4 million tourists.
The upcoming inauguration of Trump in the United States would be the source of strong political uncertainties according to the Fed. Indeed, the promised measures of the new administration in terms of international trade would lead to the increase in import
tariffs, which would fuel inflation.
Given the uncertainties and volatility of the foreign exchange market, we recommend exporters to hedge their transactions over a 3-month horizon.
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