INTERNATIONAL HIGHLIGHTS
The depreciation of the Dirham against the Dollar continues this week with an increase in the parity of +1.07% to 9.52. This is a 19-month high.
At the origin of this depreciation of the Dirham a basket effect of +1.02% given the significant rise in the dollar against its main counterparties and a liquidity effect of +0.05%. The foreign exchange position of banks remains in deficit at -4.0 billion dirhams on a weekly average, i.e. the lowest since March 2020.
For their part, liquidity spreads remain at their highest since October 2020, i.e. -2.3 % up slightly by 4 PBS from the previous week.
The escalation of tensions in Europe and its impact on the energy market should generate high currency volatility in the weeks to come.
Taking into account the liquidity conditions of the interbank foreign exchange market, we recommend that importers favor hedging strategies on the very ST.
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