INTERNATIONAL HIGHLIGHTS
The Dirham appreciated this week against the Dollar at 9.21, i.e. a negative performance of -0.83% of the USD / MAD.
The banks' foreign exchange position widened to MAD -5.3 Bn, its lowest since March 2020, while liquidity spreads remained at their highest since the end of April 2021. These stood at -4, 0%, almost stable compared to the last week.
The evolution of the liquidity conditions of the foreign exchange market had little influence on the Dirham. Indeed, it benefited from a restrictive basket effect of -0.85%.
The divergence between the speech of the Fed and the ECB, in relation to economic growth and inflation is behind the high volatility of currencies.
Taking into account the lack of visibility on the sanitary conditions, we recommend that importers hedge the dollar in anticipation of its appreciation over the next 3 months.
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