INTERNATIONAL HIGHLIGHTS
The dirham continues to appreciate against the dollar, going from 10.50 to 10.45. We recall the MAD reached an annual peak of 11.1 in September. The USD/MAD pair finally ended the year 2022 up 12.6%.
By the end of this week, the basket effect stands at -0.36% against -0.14% for the liquidity effect. Liquidity
spreads are improving slightly this week from 4.44% to 4.29%, down 15 BPS. Nevertheless, the latter remains at high levels above 4.0%.
The foreign exchange position of banks fell to MAD 747 Mn on average weekly against MAD 1.9 Bn during the previous week.
A wait-and-see attitude reigns at the end of the year, fueled by uncertainties regarding the orientation of the
monetary policies of the Fed and the ECB.
Volatility levels remain relatively high in the foreign exchange market. Under these conditions, we recommend that dollar importers reduce their exposure to hedging transactions over the coming month.
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