INTERNATIONAL HIGHLIGHTS
The MAD appreciated this week against the USD for the third week in a row thanks to a liquidity effect of -0.27%. This effect contributes more than 60% to the variation of the USD/MAD pair, which depreciated by -0.44% to 9.86 this week.
We note an improvement in liquidity in the foreign exchange market which is reflected in a widening of spreads from -27 PBS to -1.2% against -1.0% a week earlier.
The foreign exchange position of Moroccan banks improved from -3.9 billion dirhams to -3.0 billion dirhams during the week. This clear improvement is due to relatively large export flows.
The improvement in the liquidity of the foreign exchange market should continue in the coming weeks, reinforced by the start of the Marhaba campaign. which started on June 5th.
Under these conditions, we remain confident that the dirham will continue to appreciate and we recommend
that exporting investors hedge their transactions in dollars.
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