INTERNATIONAL HIGHLIGHTS
USD/MAD is up +1.19% to 11.00 this week. This is due to the tightening of liquidity conditions on the Moroccan interbank foreign exchange market.
Liquidity spreads appreciated by +123 PBS to 4.07% after reaching a peak of 4.46% during the week, getting close to the upper threshold of the fluctuation band. This level of liquidity spread is a record since the beginning of the flexibilization of the dirham in 2018.
We note significant import flows in the form of hedging transactions. The latter were boosted by the rebound of the euro this week.
The week was marked by high volatility in the international foreign exchange markets. EUR/USD hit a new 20-year low before rebounding at the end of the week. The outlook remains highly uncertain due to the energy crisis.
Very ST hedging strategies become necessary in such volatile markets for operators whose activity is exposed
to FX risk.
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