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.
Read more.
Sur le même thème
MAD Insights november 11th, 2021
Moroccan banks do not to subscribe to BAM's currency buyback operations for the second week in a row, following calls for tenders on the interbank foreign exchange market.
MAD Insights november 3rd, 2021
During the last auction session in the interbank foreign exchange market, Bank Al-Maghrib did not carry out any transactions on the MAD.
MAD Insights october 28th, 2021
Moroccan banks do not to subscribe to BAM's currency buyback operations for the second week in a row, following calls for tenders on the interbank foreign exchange market.
