The resumption of economic activity is causing slight pressure on the Dirham. Analysts at Attijari Global Research (AGR) note an increase in the volatility of the Dirham in the coming months

Anticipating a catch-up effect of imports, in the wake of the gradual recovery of economic activity, AGR analysts predict increased volatility in the USD/MAD parity. In a note devoted to the evolution of the national currency, AGR says it anticipates “a visible catch-up effect of import flows in the coming weeks, which should fuel the volatility of the USD/MAD parity

Foreign trade operators are also making greater use of hedging instruments to protect themselves against currency fluctuations. “We note an increasing interest on the part of corporate importers in the implementation of MAD hedging strategies over 3-month horizons,” says

It concludes that this week's liquidity conditions led to a visible tightening of the spread between the reference price and the central rate of the Dirham by 32.1 basis points in one week, or to -3.58%.