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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Sur le même thème
MAD Insights - june 10th, 2022
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.
MAD Insights - june 3rd, 2022
Given the USD decline on the international foreign exchange market as well as the improvement in liquidity conditions in the domestic interbank compartment, we have witnessed a drop in the USD/MAD parity of -1.12 % at 9.90.
MAD Insights - may 27th, 2022
The rise of the single currency has supported the appreciation of the MAD against the dollar as the market effect was insignificant.
