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Morocco’s Treasury Swaps 677 Billion Dirhams of Treasury Bills to Smooth Debt Schedule
On 29 January 2026, Morocco’s Directorate of Treasury and External Finance carried out an active‑debt‑management operation, swapping 677 billion dirhams of Treasury Bills (BDT). The transaction, set to settle on 3 February 2026, aims to smooth the domestic debt repayment calendar by reducing peak maturities. The exchange involves a single‑batch operation worth 677 MDH, designed to improve cash‑flow predictability for the state and mitigate refinancing risks associated with large, lump‑sum repayments.
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Operation Overview
As part of its active domestic‑debt‑management strategy, the Moroccan Directorate of Treasury and External Finance executed an exchange of Treasury Bills (BDT) on 29 January 2026. The transaction, valued at 677 billion dirhams (MDH), is scheduled for settlement on 3 February 2026.
The primary goal is to smooth the repayment schedule of Morocco’s internal debt by lowering the concentration of large, lump‑sum maturities. By spreading out obligations over a longer horizon, the Treasury aims to improve cash‑flow stability and reduce refinancing risk.
Key Details
- Date of exchange: 29 January 2026
- Settlement date: 3 February 2026
- Total amount exchanged: 677 MDH
- Instrument: Treasury Bills (BDT)
- Objective: Smoothing of the domestic‑debt repayment calendar
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