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.
Read more.
Sur le même thème
MAD Insights - june 24th, 2022
The USD/MAD parity appreciated this week by +1.63% to 10.0746, driven by a double basket and liquidity effect.
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.
