INTERNATIONAL HIGHLIGHTS
The dirham appreciated slightly at the end of the year against the dollar, going from 9.91 to 9.89. Thus, the USD/MAD pair closes 2023 with a drop of -0.18%.
At the end of this week, the basket effect stood at -0.22% compared to +0.04% for the liquidity effect.
Liquidity spreads increased slightly this week, from 0.84% to 0.88%, i.e. an increase of +4 PBS.
However, these remain at very low levels below 1.0%.
Recall that these recorded a significant drop of -162 BPS over the last week. Initially, greater export flows which supported the liquidity of the Dirham.
The wait-and-see attitude that reigns on the markets is fueled by uncertainties relating to the change in the monetary policies of the Fed and the ECB.
Nevertheless, the market remains in favor of a slight appreciation of the Dollar against the Euro on the ST.
To this end, we advise importers to hedge their Dollar operations over short time horizons of less than 3 months.
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