Moroccan Dirham Hits 26-Month Low Against Surging Dollar

The greenback thus reached a 26-month high against the dirham, the note points out, noting that liquidity spreads fell by -39 BPS to -1.5% compared to -1.1% the previous week.

For its part, the banks’ foreign exchange position stabilized this week around -7.3 billion dirhams (MMDH) on average per week.

"However, we note an improvement in liquidity conditions in the interbank foreign exchange market, given the first positive impacts of the inflow of foreign currency at the beginning of the summer season," the analysts explained.