INTERNATIONAL HIGHLIGHTS
The USD/MAD parity depreciated this week by -0.48% to 10.0264 penalized by a double basket and liquidity
effect. On the one hand, a negative basket effect of -0.09% and a liquidity effect of -0.39%. The latter is
linked to the improvement in dirham liquidity spreads in anticipation of the summer period.

The foreign exchange position of banks is widening this week to -6.7 billion dirhams against -1.9 billion
dirhams the same period of the previous year. This widening of the exchange position is justified by the
increase in imports due to the increase in the price of raw materials, in particular coal, and a historically
weak crop campaign.

In the wake of inflationary pressures and the acceleration of monetary tightening by central banks, the markets
are once again experiencing high volatility.

We still forecast the appreciation of the Dirham during the summer period. We therefore recommend that
exporters hedge their operations in dollars over a period of 1 to 2 months.


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