INTERNATIONAL HIGHLIGHTS
The dollar is back above 11 MAD this week, appreciating by +1.03%. This is due to a double basket/liquidity
effect unfavorable to the MAD, i.e. +0.86% and +0.17% respectively.
The exchange position stabilized at MAD -1.1 Bn on a weekly average. Import flows remain significant given
the impact of the rise in energy prices and the increase in the volume of hedging transactions.
Liquidity spreads increased by +18 BPS to 4.59% to a new high this week. These are approaching the limit
of the MAD fluctuation band set at +5.0% and reflect a visible tightening of MAD liquidity.
The impact of rate hikes on the global economy is very visible. The IMF has lowered its growth forecast for
2023. Some market investors expect the process of monetary policy tightening to slow down. This induces
high volatility on the foreign exchange market.
In this context of uncertainty, we recommend reducing hedging horizons on the MAD.
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