INTERNATIONAL HIGHLIGHTS
The MAD is rising again this week against the Dollar.
The USD/MAD dropped by -0.42% from 10.12 to 10.08 this week, i.e. a 3-month low.
This increase is mainly explained by a market effect of -0.40% related to the improvement of the MAD liquidity this week. The basket effect relating to this change was insignificant.
Dirham liquidity spreads improved to 2.31%, down -42 PBS. The latter should continue their downward trend
on the ST following the expected decline in import flows on the sidelines of the summer season.
The monetary policy expectations of the major central banks remain the main factor in the evolution of the
EUR/USD pair.
On the ST, we recommend that dollar importers take advantage of the relatively low dollar levels by hedging
against foreign exchange risk.
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