INTERNATIONAL HIGHLIGHTS
USD/MAD depreciated for the 3rd consecutive week by -1.26% to 9.68 against 9.81 a week earlier, i.e. a new
low since April 2022.
This is due to a negative basket effect of -1.84% related to the depreciation of the Dollar internationally, offset by a positive liquidity effect of +0.58%.
Liquidity spreads increased by +58 BPS from -0.96% to -0.38% this week. Despite this increase, these spreads remained negative throughout the week, supported by the tourist activity inflows workers’ remittances characterizing this summer period.
After a USD/MAD dip of more than 15 months, we now anticipate an upward correction in the parity and we
recommend that importers hedge over 1 to 3 months horizons.
To this end, we believe that the appreciation of the Dollar should offset the liquidity effect still in favor of the MAD during the summer period.
Read more.
