Morocco's Treasury Auction Weak, Secondary Bond Yields Rise Across Most Maturities

During the week of July 23‑30, 2026 Morocco’s banking liquidity deficit continued to ease while the Treasury’s latest auction attracted only a tiny slice of investor demand. On the secondary market, yields climbed across most maturities, signalling a modest upward pressure on borrowing costs. BMCE Capital Global Research expects the central bank to step up short‑term liquidity operations, yet forecasts a near‑stable to slightly easing bond‑rate environment over the medium term, supported by comfortable Treasury cash balances and steady institutional demand.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.