Morocco Treasury Bills Simulator — net return projection

Moroccan Treasury bills (bons du Trésor) are government debt securities backed by the Moroccan state — carrying near-zero default risk. They offer better yields than term deposits on medium to long maturities, with fixed rates guaranteed from issuance. Our simulator projects your net capital after the 30% withholding tax.

Indicative yield 2025–2026: ~3.5% to 4.5% per year (5-year maturity)
Tax: 30% on interest (final withholding); 20% on capital gains (Finance Act 2026)
Risk: very low — sovereign guarantee from the Moroccan state
Liquidity: moderate — tradeable on the secondary market, but less liquid than funds
Access: via Moroccan bank or broker, or through a bond fund (OPCVM obligataire)

Treasury bills vs term deposit vs bond fund

Treasury bills typically outperform term deposits on maturities above 2 years due to better pricing at government auctions. Unlike a bond fund, Treasury bills have a fixed rate locked in at issuance — no market price risk if held to maturity. Use our comparator to compare all three side by side.

Who should consider Treasury bills?

Moroccan Treasury bills are the benchmark risk-free investment — repayment is guaranteed by the State. They suit institutional investors and individuals with significant capital (from MAD 100,000) seeking a fixed, known return across maturities ranging from 13 weeks to 30 years. For smaller savers, bond mutual funds invested in Treasury bills provide indirect exposure from as little as MAD 1,000.

How to access Treasury bills in Morocco?

The primary market is reserved for Treasury Primary Dealers (IVT) — banks and major asset managers — who participate in Bank Al-Maghrib's weekly auctions. Retail investors access it through their bank, which bids on their behalf. On the secondary market, banks resell bills from their portfolios to clients. In 2026, indicative yields were approximately 3.5% for 52-week bills, 4% for 5-year bills and 5% for 30-year bills. Auction results are published weekly on the Bank Al-Maghrib website.

What are Moroccan Treasury bills (bons du Trésor)?

Moroccan Treasury bills are government debt securities issued via Bank Al-Maghrib weekly adjudications, with maturities from 13 weeks to 30 years. They carry near-zero default risk (sovereign guarantee) and fixed rates locked in at issuance.

What return can I expect from Moroccan Treasury bills?

Treasury bill yields depend on maturity and the weekly adjudication. In 2025–2026, 5-year T-bills typically yield 3.5% to 4.5% per year. Shorter maturities yield less. All rates are fixed and state-guaranteed.

What is the tax on Moroccan Treasury bills?

Interest on Treasury bills is taxed at 30% (final withholding) under the Finance Act 2026, withheld at source — you receive 70% of gross interest. Capital gains on resale are taxed at 20%.

How can individuals buy Moroccan Treasury bills?

Retail investors can access T-bills via Moroccan banks or licensed brokers who participate in Bank Al-Maghrib adjudications, or through bond funds (OPCVM obligataire) for easier access and better liquidity.

Worked projection: 50,000 MAD invested in Treasury bills

Illustrative scenario computed with our simulator: 50,000 MAD initial capital, 500 MAD monthly contribution, indicative annual return of 3.5% / yr, taxation 30% interest (2026 Finance Act). Indicative figures — past performance does not guarantee future results.

Treasury bills projection — 50,000 MAD + 500 MAD/mo, 3.5% / yr
Horizon	Total invested	Gross capital	Estimated tax	Net-of-tax capital	Net gain
1 yr	56 000 MAD	57 876 MAD	563 MAD	57 313 MAD	+1 313 MAD
3 yrs	68 000 MAD	74 477 MAD	1 943 MAD	72 534 MAD	+4 534 MAD
5 yrs	80 000 MAD	92 280 MAD	3 684 MAD	88 596 MAD	+8 596 MAD
10 yrs	110 000 MAD	142 633 MAD	9 790 MAD	132 843 MAD	+22 843 MAD
15 yrs	140 000 MAD	202 601 MAD	18 780 MAD	183 821 MAD	+43 821 MAD
20 yrs	170 000 MAD	274 020 MAD	31 206 MAD	242 814 MAD	+72 814 MAD

Over 20 years, a saver who set aside 170 000 MAD in total would build net-of-tax capital of 242 814 MAD — a 1.49× multiple of cumulative savings.

Treasury bills vs other Moroccan products

For the same savings effort (50,000 MAD + 500 MAD/mo), here is the estimated net-of-tax capital under the 2026 Finance Act:

Estimated net-of-tax capital comparison — same investment
Product	Indicative rate	Tax (2026)	After 5 yrs	After 10 yrs	After 20 yrs
Treasury bills	3.5% / yr	30% interest	88 596 MAD	132 843 MAD	242 814 MAD
Term deposit	3% / yr	30% withheld	87 283 MAD	129 137 MAD	229 632 MAD
Bond fund	4% / yr	20% redemption gains	91 359 MAD	140 533 MAD	269 613 MAD

Over 20 years, Treasury bills produces 1.06× the net capital of Term deposit (242 814 MAD vs 229 632 MAD) in this scenario. Adjust these inputs to your profile with our savings comparator.

Other Morocco savings simulators

Term Deposit (DAT) Bond Fund Housing Savings Plan Money Market Fund Full comparator

Sources: Bank Al-Maghrib — Treasury adjudications and key rate; Ministry of Finance Morocco — Finance Act 2026. Calculations are indicative and non-contractual.