INTERNATIONAL HIGHLIGHTS
The USD/MAD parity appreciated this week by +1.63% to 10.0746, driven by a double basket and liquidity effect.
On the one hand, there is a rise in the US rates of return which is favorable to the Dollar. On the other hand, we note an acceleration of import flows that is greater than export flows during the week.
The foreign exchange position of banks is widening this week to -6.2 billion dirhams against -4.6 billion dirhams the previous week (weekly average).
MAD liquidity spreads are moving up from -1.54% to - 0.37% against the Dirham.
The markets are experiencing high levels of volatility because of the acceleration of monetary tightening by the major central banks.
Furthermore, we are still anticipating an appreciation movement of the Dirham during the summer period.
Therefore, we recommend that exporters hedge their transactions in dollars over a two-month horizon.
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Sur le même thème
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.
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.
