INTERNATIONAL HIGHLIGHTS
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.
For its part, the foreign exchange position of Moroccan banks has been reduced from -4.1 to -2.8 billion dirhams from 20 to 26 May. This improvement is due to relatively large export flows.
In the same vein, Operation Marhaba begins under good auspices in 2022. Liquidity spreads thus fell in favor of the MAD from -40 PBS to -1.0% against -0.6% a week earlier.
Despite high volatility in the foreign exchange market, our forecast for MAD positive move is confirmed this week, further confirming our reading of market liquidity. This latter is expected strengthen during the summer period.
We recommend that exporting investors hedge their foreign currency transactions, mainly in dollars.
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Sur le même thème
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.
MAD Insights - may 20th, 2022
The USD/MAD parity is strengthening this week at 10.13. Originally, a significant basket effect for the MAD of +1.03% to which is added a liquidity effect of +0.40%.
MAD Insights may 6th, 2022
The USD/MAD pair crossed the 10 threshold for the first time in 2 years last thursday before closing the week at 9.99. The dirham depreciates against the USD for the 5th consecutive week.
