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Morocco Treasury Projects January Funding Gap of Up to 15.5 Billion Dirhams
The Directorate of Treasury and External Finance (DTFE) announced that Morocco’s financing requirement for January 2026 is expected to lie between 15 billion and 15.5 billion dirhams, nearly double the amount needed in December. The forecast points to a heightened borrowing program in the local government‑bond market as the state prepares to meet its budgetary obligations. The statement also references recent Treasury operations, highlighting a pattern of increasing cash needs throughout the latter half of 2025.
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Morocco Treasury Forecasts January Funding Need
The Directorate of Treasury and External Finance (DTFE) has communicated its anticipated cash requirement for January 2026. The forecasted amount sits between 15 billion and 15.5 billion Moroccan dirhams (MAD).
In a statement released on Tuesday, 6 January, the DTFE clarified that the upcoming Treasury auction will target this range, indicating a significant rise compared with December’s need, which hovered between 7 billion and 7.5 billion dirhams.
This increase suggests a robust demand for short‑term government securities as the state prepares to fund its budgetary commitments.
Recent Treasury Operations (for context)
- 31 December 2025 – Treasury closed the year with a 3.1 bn dirham bond issuance.
- 5 November 2025 – Forecasted need of 10‑10.5 bn dirhams.
- 8 October 2025 – Projected requirement of 14‑14.5 bn dirhams.
- 25 September 2025 – Announcement of a securities exchange operation.
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