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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