INTERNATIONAL HIGHLIGHTS
The USD/MAD parity is settling this week at 9.99. This is due to a basket effect for the MAD of -0.18% offset by a liquidity effect of +0.15%. The USD depreciated slightly by -0.03% against the dirham over one Week but remains at 2-year highs.
Liquidity conditions in the interbank foreign exchange market have tightened this week with MAD liquidity spreads at -0.9% vs -1.0% a week earlier. This situation is explained by higher import flows at this time of the year. The surge in prices of MPs internationally has also contributed to the increase in foreign currency imports and therefore to the appreciation of the Dollar against the Dirham.
As a net oil-importing country, the appreciation of international energy prices increases Morocco's payments in foreign currencies. This situation puts pressure on liquidity conditions and on the MAD at ST.
In the current volatile currency markets, we recommend very ST flexible hedging strategies.
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Sur le même thème
MAD Insights may 6th, 2022
The USD/MAD pair crossed the 10 threshold for the first time in 2 years last thursday before closing the week at 9.99. The dirham depreciates against the USD for the 5th consecutive week.
MAD Insights - april 28th, 2022
The Dirham is depreciating this week against the EUR and the USD for the 4th week in a row. This is due to a restrictive liquidity effect of the MAD of +0.27% and a neutral basket effect.
MAD Insights - april 22nd, 2022
and the USD. This is due to a restrictive liquidity effect for the MAD of more than +0.31%. This effect was larger than the basket effect. The USD/MAD and EUR/MAD pairs have increased by +0.54% and +0.16% respectively this week.
