INTERNATIONAL HIGHLIGHTS
The MAD is depreciating this week against the dollar.
The USD/MAD pair rose by +0.36% from 10.37 to 10.41, a 2-month high.
This evolution is due to a basket effect of +0.25% related to a strong dollar combined with a market effect of +0.11% which penalizes the dirham.
Import flows remain relatively high. Dirham liquidity spreads remain high compared to the same period last year when they were negative. These spreads rose +11 BPS this week to 3.37%. The pressures on the MAD are visible given the persistence of the inflationary context internationally.
The evolution of the EUR/USD pair remains dependent on the evolution of the economic context and inflation in
Europe and the United States.
We recommend that dollar exporters reduce their hedging level in order to benefit from the relative stability of the USD/MAD pair over the next two months.
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