INTERNATIONAL HIGHLIGHTS
The upward trend of the USD/MAD parity continues on the foreign exchange market with an increase of +1.47% to 10.7430 this week, i.e. a highest since 2002.
The market effect comes out at +1.90% following a tightening of liquidity conditions on the interbank market.
We recall that this period coincides with the payment of the dividend from Maroc Telecom, owned by foreign shareholders by 53%. The basket effect is -0.43% due to the rise of the Euro internationally.
Despite the improvement in the foreign exchange position, which is moving into positive territory, liquidity
spreads show an increase of +193 PBS to 3.51% at the end of this week. This is due to larger import flows in recent weeks.
Fears of a gas shortage in Europe following the indefinite closure of the Nord Stream 1 gas pipeline are fueling increased currency volatility, particularly the EUR/USD pair.
Under these conditions, we advise investors to make greater use of products for hedging their foreign exchange risk on ST horizons.
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