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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Sur le même thème
MAD Insights - june 30th, 2022
The USD/MAD parity depreciated this week by -0.48% to 10.0264 penalized by a double basket and liquidity effect.
MAD Insights - june 24th, 2022
The USD/MAD parity appreciated this week by +1.63% to 10.0746, driven by a double basket and liquidity effect.
MAD Insights - june 16th, 2022
Despite an expansive market effect for the MAD, the latter depreciated this week against the USD after three successive weeks of appreciation. Indeed, the USDMAD pair thus rose by +0.53% to 9.9135.
