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 20% withholding tax.
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.
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.
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.
Sources: Bank Al-Maghrib — Treasury adjudications and key rate; Ministry of Finance Morocco — Finance Act 2026. Calculations are indicative and non-contractual.