Government Treasury Subscriptions Soar to 18.7 Billion Dirhams in January 2026 with a Positive Net Subscription of 11.2 Billion
The Moroccan Treasury’s raw subscriptions in the bidding market recorded a significant increase in January 2026, rising from 7.6 billion dirhams in the previous month to 18.7 billion dirhams, including swap operations—more than doubling, according to the Directorate of Financial Studies and Forecasts.
The directorate clarified that the subscriptions primarily included short-term maturities (900 million dirhams) and medium-term maturities (17.8 billion dirhams), while Treasury repayments saw a 48.2% year-on-year decline, reaching 7.6 billion dirhams, resulting in a positive net subscription of 11.2 billion dirhams.
The outstanding treasury bonds issued through tenders totaled 798.5 billion dirhams at the end of January, rising by 1.4% compared to the end of December 2025, with long-term maturities dominating at 65.7% of the total, followed by medium-term maturities at 32.7% and short-term maturities at 1.6%.
In terms of bidding market subscriptions, the total increased by 26.3% compared to the previous month, reaching 30.3 billion dirhams, with most subscriptions directed towards medium-term maturities (+49.8% to 21.1 billion dirhams), while long-term maturities rose by 10.4% to 4.2 billion dirhams, and short-term maturities fell by 18.2% to 5 billion dirhams.
