Morocco's Bond Market Stabilizes as Secondary Yields Drop Following BAM Rate Hold

Morocco's fixed-income market showed signs of stabilization during the final week of September 2026, with the primary curve holding steady following Bank Al-Maghrib's decision to maintain its key policy rate. According to Attijari Global Research, medium and long-term yields on the secondary market retreated by up to 11 basis points, correcting the previous week's increase and realigning with favorable domestic fundamentals including stable monetary policy at 2.25% and downward inflation revisions. Treasury operations remained subdued, with only 100 million dirhams raised against 3.6 billion dirhams in bids, reflecting a notably tight acceptance rate of just 3%.

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