The dirham depreciated against the euro and the dollar for the 4th week in a row, over the period from April 15 to 22, according to Attijari Global Research (AGR).
According to the same source, this drop in the national currency is explained by a restrictive liquidity effect for the dirham of +0.27% against a neutral basket effect.
In its latest note “Weekly Mad Insights – Currencies”, the AGR adds that the USD/MAD and EUR/MAD parities have varied by +0.27% this week.
In addition, AGR reported that the tightening of liquidity in the interbank foreign exchange market led to an increase in dirham liquidity spreads, from -1.4% to -1.1% over the week, noting a decrease the foreign exchange position of banks, which went from -3.1 billion dirhams (MMDH) on a weekly average to -3.4 billion dirhams this week.
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