Global Economy
USD/MAD Weakens 0.4% Over First Week of December, Liquidity Tightening Noted
The USD/MAD exchange rate slipped 0.4% between 8 and 12 December 2025, falling from 9.23 to 9.20 per dirham. Attijari Global Research attributes the move to a 0.43% negative basket effect caused by a weaker dollar against the euro, partially offset by a modest 0.03% positive liquidity effect indicating slight tightening in dirham market conditions. Liquidity spreads widened by 2.6 basis points, ending the week at –2.76%, and AGR recommends that market participants hedge their FX positions for a 1‑to‑3‑month horizon.
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Weekly Exchange Rate Movement
The USD/MAD pair slipped 0.4% during the week of 8‑12 December 2025, moving from 9.23 to 9.20 against the Moroccan dirham, according to Attijari Global Research (AGR).
The decline reflects a negative basket effect of 0.43%, driven by a weaker US dollar versus the euro, partially offset by a modest positive liquidity effect of 0.03% that signals a slight tightening in dirham market liquidity.
Liquidity Spread
Liquidity spreads widened by 2.6 basis points, ending the week at –2.76%.
Market Recommendation
AGR advises market participants to consider hedging foreign‑exchange exposure for a tenor of 1‑3 months.