Moroccan Dirham Gains Against Dollar as Summer Remittances Begin
According to the recent note from Attijari Global Research (AGR), covering the week of June 27 to July 1, the dirham appreciated by 0.08% against the dollar, driven by a "positive" start to the Marhaba operation.
The event has favored foreign exchange inflows at the start of the summer season, AGR indicates, specifying that liquidity spreads have fallen by 35 basis points (bps) compared to last week, below the -1% threshold.
The banks’ foreign exchange position, for its part, widened this week to reach a peak of -7.6 billion dirhams (MMDH) last Tuesday. However, it improved slightly to -7.2 MMDH on Wednesday.
"On the sidelines of the start of the Marhaba operation, we anticipate significant export flows in the form of tourism receipts. We could expect an improvement in liquidity conditions in the interbank foreign exchange market," the analysts stressed.
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