INTERNATIONAL HIGHLIGHTS
The USD/MAD parity rose by +0.21% to 9.70 this week, a 20-month high.
At the origin of this depreciation of the MAD, a double positive basket/liquidity effect of +0.04% and +0.17% respectively.
MAD liquidity spreads increase by almost 17 PBS in one week. The latter stood at -1.5%, i.e. their highest since August 2020. They even moved into positive territory, before returning to current levels.
The foreign exchange position of banks remains in deficit at -6.2 billion dirhams on a weekly average, i.e. the lowest in three years.
The uncertainties of the situation in Ukraine are fueling currency volatility. This exceeded the 10% threshold against the MAD over the last month, i.e. the highest levels since the start of the Covid crisis.
On the basis of liquidity conditions, we recommend that importers reduce their hedging horizons.
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