Nadia Fettah outlines the mechanisms for issuing and managing treasury bonds for 2026
Economic and Finance Minister Nadia Fettah has issued a series of regulatory decisions that frame the issuance and management of treasury bonds for the fiscal year 2026, outlining the conditions for short-term borrowing, repurchase operations, exchanges, and the preservation of government financial instruments.
According to the Official Gazette No. 7481, Decision No. 02.26, issued on December 31, 2025, allows for the issuance of treasury bonds through bidding or issuance commitment, with participation open to all natural or legal persons, both residents and non-residents.
The nominal value for each bond is set at 100,000 dirhams, with issuances planned for short-term periods ranging from 7 days to 2 years, as well as medium and long-term periods of up to 5, 10, 15, 20, and 30 years or more. Bonds can be issued with fixed, variable, or inflation-linked interest rates, and are tradable in the secondary market electronically or via mutual consent.
Regarding Decision No. 13.26, the Treasury and External Finance Directorate is authorized to conduct repurchase and exchange operations for treasury bonds before their maturity date, either amicably or through tenders, with the aim of actively managing domestic debt and controlling its cost in accordance with market conditions.
Decision No. 04.26 establishes the conditions for extremely short-term borrowing from banks, with terms ranging from one day to seven days, calculating interest according to a defined formula that ensures transaction clarity and timely repayment.
Decision No. 05.26 completes this framework by organizing “preservation” operations through the issuance of new treasury bonds, which will be held at selected banks to stimulate both primary and secondary markets without paying interest during the preservation period, while stipulating interest calculation mechanisms upon retrieval that ensures price alignment with market value.
These decisions are part of a strategy aimed at enhancing effective management of domestic debt, ensuring the stability of the financial market, and providing diverse investment tools for investors, thus promoting transparency and financial efficiency during the fiscal year 2026.
