INTERNATIONAL HIGHLIGHTS
The dirham is depreciating this week against the dollar given the greenback's bullish stance internationally.
The basket effect of the USD/MAD parity is positive at +0.48%, offsetting the liquidity effect of -0.08%.
The liquidity spread between the MAD benchmark and its central rate continues to widen this week to -4.92%, one of the lowest levels in H2-21. Originally, the strengthening of the foreign exchange position driven by significant export flows. Bank Al-Maghrib continues its currency purchase operations at MAD 55 Mn from Moroccan banks on the interbank market this week.
In a context of high volatility of the EUR/USD parity marked by new pressures on the euro, we recommend a flexible hedging strategy of the dirham over the ST.
Recall that we maintain our central scenario regarding the appreciation of the MAD against the dollar.
Please find the outlook for the Dirhams and other currencies in AGR’s latest MAD Insights publication.
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