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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