INTERNATIONAL HIGHLIGHTS
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.
This is due to a significant basket effect of +0.82% in favor of the USD given the growth of the greenback
internationally. The foreign exchange position of banks is widening this week to MAD -5.1 bn against MAD -3.2 bn the previous week (weekly average). This is explained by larger import flows than export flows during the week.
However, liquidity spreads are changing by -0.29% in favor of the Dirham in anticipation of foreign currency
inflows during the summer period.
The improvement in the liquidity of the foreign exchange market should continue over the next few weeks, reinforced by the start of the Marhaba operation.
Under these conditions, we expect the continued appreciation of the Dirham. Therefore, we recommend that exporters hedge their USD transactions based on current rates.
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