Banks: the deficit of the foreign exchange position widens

The deficit of banks’ foreign exchange position widened to nearly 4,179.8 million dirhams (MDH) on February 14.

“The foreign exchange position of the Banks still remains in deficit and is widening from -3,799.9 MDH on February 8 to -4,179.79 MDH on February 14”, indicates BMCE Capital Global Research (BKGR) in its recent note “Fx Derivatives Weekly “.

This note also shows a decrease in the EUR/MAD pair of 0.58% and an increase in the USD/MAD pair of 0.92%, week-on-week.

Moreover, the EUR/USD parity fell by 1.15% on a weekly basis, the Euro probably suffering from its nature as a value at risk.