According to the figures published by the Ministry of Economy and Finance of Morocco by its Directorate of Studies and Financial Forecasts (DEPF), the gross levees of the Treasury reached 115.1 billion dirhams (about 11.5 billion USD) ) in 2018, an increase of 4% compared to 2017.
The same source indicates that net debits increased by 10.6% to reach 29.5 billion dirhams (MMDH) thanks to the Treasury’s repayments which rose to 85.6 billion MMDH in 2018. According to the DEPF, the increase gross treasury bills cover the increase in subscribed volume, with average maturities of 19.8% to reach 74 billion dirhams, the majority of which rose to 64.3% after 55.8% the previous year.
Nevertheless, “this increase was moderated by the decline in the volume raised in short and long maturities respectively of 28.1% and 3.1% to 18.2 and 22.8 MMDH and represent respectively 15.8% and 19.9% of the surveys after 22.9% and 21.3% a year earlier “, explains the direction of studies.
Outstanding treasury bills issued by auction stood at 546.2 billion dirhams at the end of 2018, registering an increase of 1.3 percent compared to the end of September 2018 and 5.7 percent compared to the end of 2017.
For January 2019, the Treasury announced that the use of the auction market should be between 10 and 10.5 billion dirhams, equivalent to USD 1.05 and 1.11 billion.
