Stocks Market
Morocco Treasury Targets Sub‑7.5 Billion‑Dirham Funding for December 2025
The Moroccan Treasury announced that its December 2025 auction will be capped at 7‑7.5 billion dirhams, a noticeable drop from the 10 billion dirhams slated for November. The reduction stems from stronger public‑revenue flows and the recent rollout of innovative financing tools, allowing the Treasury to trim its market demand. Meanwhile, Bank Al‑Maghrib raised its growth outlook to 5 % and kept inflation below 1 %, reinforcing a favorable environment for the domestic bond market. Investors responded positively, submitting over 2 billion dirhams of demand for a modest 100 million‑dirham two‑year issuance, which drove yields down by about 7 basis points. The easing trend has also been visible in secondary‑market activity over the past fortnight.
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Market Overview
Morocco's Treasury Department announced that its December 2025 auction will target a volume between 7 billion and 7.5 billion dirhams, noticeably lower than the 10 billion dirhams scheduled for November. The reduced demand reflects stronger public‑revenue performance and the successful rollout of recent innovative financing operations.
On Wednesday, following the Bank Al‑Maghrib Monetary Policy Council meeting, the Treasury raised only 100 million dirhams of two‑year paper, while investors submitted more than 2 billion dirhams in orders, pushing yields down by roughly 7 basis points. A similar easing trend has been visible in the secondary market for almost two weeks after a brief technical correction in November.
Central Bank Outlook
Bank Al‑Maghrib lifted its 2025 growth forecast to 5 % on Tuesday, a move that should bolster fiscal collections in 2026. Inflation remains contained at under 1 %, a combination the bond market views as highly favourable for short‑ and medium‑term financing conditions.
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