INTERNATIONAL HIGHLIGHTS
The USD/MAD pair is stabilizing at 11.02 this week with a change of +0.05%. The market effect comes out at +0.15% restrictive for the dirham this period.
The foreign exchange position is back in the negative zone this week, going from 396 MDH to -1.3 MDH on a
weekly average. Indeed, import flows remain significant given the impact of the increase in energy prices
and the in the volume of hedging transactions.
Liquidity spreads rose +16 PBS to 4.32% this week after hitting a new Tuesday high of 4.53% during the
week. These remain close to the upper bound of the MAD fluctuation band set at +5.0% and reflect a significant
tightening of MAD liquidity.
The persistence of the energy crisis and its inflationary impact weigh on Europe's growth prospects as well as
on its currency. Under these conditions, volatility remains very high on the foreign exchange market while
monetary tightening is progressing internationally.
In this context of uncertainty, we recommend hedging the MAD with a reduction in maturities.
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