What is a Moroccan Treasury Bond (BTr)?
A Treasury Bond (BTr) is a debt security issued by the Moroccan State (via the Treasury Directorate of the Ministry of Finance) to finance public expenses. By buying a BTr, you lend money to the Moroccan State which commits to repay capital + interest at a defined maturity date. Guarantee: 100% by the Moroccan State, rated BBB- by Moody's (Investment Grade category) and BB+ by S&P. Default risk: extremely low.
Current BTr yields May 2026 (by maturity)
As of May 15, 2026, Moroccan BTr yields are as follows: (1) **BTr 13 weeks** — 2.95%. (2) **BTr 26 weeks** — 3.10%. (3) **BTr 52 weeks** — 3.25%. (4) **BTr 2 years** — 3.40%. (5) **BTr 5 years** — 3.80%. (6) **BTr 10 years** — 4.15%. (7) **BTr 15 years** — 4.30%. (8) **BTr 20 years** — 4.40%. (9) **BTr 30 years** — 4.55%. The yield curve is increasing (long > short).
How to subscribe to BTr in 2026 (procedure)
(1) **Choose an approved bank** — all major Moroccan banks are approved 'BTr Individual Distributors': Attijariwafa Bank, Banque Populaire, BMCE Bank of Africa, CIH Bank, etc. (2) **Open a securities account** — with your bank. (3) **Choose BTr maturity** — depending on your horizon. (4) **Place buy order** — agency or mobile app, minimum amount 5,000 MAD. (5) **Payment** — automatic debit current account. (6) **Confirmation** — title received in 24-48h.
BTr individual taxation: 18% liberatory IR
BTr taxation for resident Moroccan individuals in 2026: (1) **Tax on interest** — 18% liberatory IR withheld at source by the distributing bank when interest is paid. (2) **Tax on capital gains** — if you sell your BTr before maturity with a capital gain, 15% taxation under securities regime. (3) **No tax on principal repaid at maturity** — the returned principal is exempt.
Article based on official public data + wafir.ma expert sources. All cited statistics are verifiable with the mentioned organizations.
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