Treasury bills
Treasury bills are debt securities issued by the Moroccan state, considered the safest investment. Durations range from 13 weeks (short term) to 30 years (long term). Yield 2.8 to 4.2% in 2026 per duration.
Key characteristics
Annual yield
2.8-4.2%
Entry ticket
100 000 MAD
Horizon
13 weeks to 30 years
Risk
1/5
Liquidity
Medium (weeks)
How it works
Purchase on primary market (weekly auctions) via a bank or brokerage, or on secondary market. High ticket (minimum 100,000 MAD). Otherwise, prefer a bond UCITS that invests in Treasury bills.
Advantages
- Maximum safety (state guarantee)
- Wide duration range
- Guaranteed yield at maturity
- Resale possible on secondary market
Disadvantages
- High entry ticket (100,000 MAD)
- Pre-maturity resale with potential loss
- Moderate yield
2026 taxation
20% TPPRF on capital gains. Discharge withholding.
For whom?
Large patrimonies seeking absolute safety or a defensive portion in a diversified portfolio. For small tickets, go through a bond UCITS.
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