The recovery in economic activity is putting a slight pressure on the Dirham. Analysts at Attijari Global Research (AGR) note an intensification of the volatility of the dirham in the coming months.

Anticipating a catch-up effect on imports, in the wake of the gradual recovery in 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 hedge against currency fluctuations. " We note an increasingly strong interest on the part of corporate importers in the implementation of hedging strategies on MAD over 3-month horizons", AGR points out.

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