INTERNATIONAL HIGHLIGHTS
Taking into account $ 88 Mn BAM currency buyback program from local banks this week, the cumulative amount of interventions on the interbank foreign exchange market since last September stands at MAD 6.8 Bn. However, the foreign exchange position of the banks is in surplus at MAD 3 Bn. MAD's liquidity spreads remain at levels close to the lower limit of -4.98%. Originally, expectations of a resumption of import flows allowing a balance in exchange in foreign currencies on the market.
The rise of the dollar continues to drive the MAD. To this end, the pair USD/MAD crosses a 10-month high this week at 9.1.
Taking into account the liquidity conditions of the foreign exchange market and the occasional rise in the dollar, we recommend that exporters hedge their exports in dollars, with the prospect of a reversal of the USD/MAD trend.
Please find the outlook for the Dirhams and other currencies in AGR’s latest MAD Insights publication.
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Sur le même thème
MAD Insights october 6th, 2021
Following currency buyback operations carried out last week by BAM at the level of the interbank foreign exchange market, the banks' foreign exchange position remains in surplus at more than MAD 3 Bn.
MAD Insights october 1st, 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 september 23th, 2021
The dollar appreciates against a basket of reference currency carried by its status of safe haven in a context of strong risk aversion.
