The dollar / dirham parity hit a 10-month high of 9.1 dirhams to the dollar in the week from October 4 to 8, according to Attijari Global Research (AGR).
“The rise of the dollar internationally continues to drive the evolution of the dirham. To this end, the USD / MAD parity crosses a 10-month high this week at 9.1 ”, say AGR analysts in their recent“ Weekly MAD insights-Currencies ”note.
Taking into account a new currency buyback operation by Bank Al-Maghrib from banks of 88 million US dollars this week, the cumulative amount of interventions on the interbank foreign exchange market since last September stood at 6.8 billion dirhams (billion dirhams), said the same source, noting that the foreign exchange position of the banks is, nevertheless, in surplus at 3 billion dirhams.
In addition, the dirham’s liquidity spreads remain at levels close to the lower limit of -4.98%. Originally, the anticipations of a resumption of import flows allowing a balance of exchange in currencies on the market.
“Taking into account the liquidity conditions of the foreign exchange market and the occasional rise in the dollar”, AGR analysts recommend that exporters hedge their exports in dollars, with the prospect of a reversal of the USD / MAD trend .