The USD/MAD pair depreciated by 0.56% during the week of December 22–26, 2025, easing from 9.17 to 9.11, according to Attijari Global Research (AGR).
This movement reflects a basket effect of -0.4%, linked to the depreciation of the US dollar against the euro over the week, combined with a liquidity effect of -0.16% following an easing of dirham liquidity conditions, AGR noted in its latest report, “Weekly MAD Insights – Currencies.”
In this context, liquidity spreads narrowed by 16 basis points, standing at -3.34% over the week, the same source said.
Moreover, AGR recommends that operators hedge their transactions over a 1- to 3-month horizon, particularly in light of expectations of interest rate cuts by the US Federal Reserve (Fed) in 2026.
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