INTERNATIONAL HIGHLIGHTS
The USD/MAD pair depreciated this week by -0.75% to 9.81 from 9.88 a week earlier, i.e. its lowest level since April 2022.
This change is explained by a positive basket effect of +0.32% offset by a significant liquidity effect of -1.07%
in favor of the Dirham.
The downward trend in liquidity spreads intensified this week with moving into negative territory for the first time in 12 months. This was supported by the good performance of tourism flows as well as steady figures of MRE receipts during this summer period.
We recommend exporters to hedge their operations over 1 to 2 months.
Indeed, we anticipate the continued appreciation of the MAD on the short term, supported by a liquidity effect
greater than expected during the summer period.
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