INTERNATIONAL HIGHLIGHTS
The USD/MAD parity appreciated this week by +0.08% to 10.0348 driven by a significant basket effect of +0.43%. The latter is linked to the rise of the dollar internationally.
Nevertheless, we note a favorable liquidity effect for the dirham given the first positive impacts of foreign
currency inflows at the start of the summer season.
Under these conditions, liquidity spread fell by -35BPS compared to last week below the -1.0% threshold.
The foreign exchange position of banks, for its part, widened this week to reach a peak of MAD -7.6 bn last
Tuesday. It nevertheless improved slightly to MAD -7.2 bn on Wednesday.
With high inflationary pressures and the acceleration of monetary tightening by central banks, the hypothesis
of a recession is more and more likely in Europe, thus inducing high volatility in the EUR/USD pair.
We anticipate an appreciation of the MAD during the summer period. To this end, we recommend that exporters
hedge their transactions in dollars over a of 1 to 2 months horizon .
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