INTERNATIONAL HIGHLIGHTS
The Dirham is depreciating this week against the Dollar in connection with the tightening of liquidity on the foreign exchange market. The USD/MAD pair appreciated by +1.60% to 10.5477 during the week. The market effect alone contributed more than 80% to this change. For its part, the basket effect stands at +0.29% following the strong appreciation of the USD.
Consequently, we have witnessed the return of liquidity spreads to the positive territory, an increase of 131 BPS
to 1.29% reflecting the tightening of liquidity in the Moroccan interbank foreign exchange market.
The foreign exchange position improved to MAD -1.5 bn on average weekly compared to MAD -4.5 bn the
previous week. An evolution supported by foreign exchange inflows from workers’ remittances.
Energy supply fears are weighing on growth prospects in Europe.
This situation fuels the volatility of the EUR/USD pair.
We advise exporters to favor hedging strategies on ST horizons.
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