Morocco's total treasury debt amounted to 903.3 billion dirhams
Treasury debt totaled 903.3 billion dirhams at the end of May 2022, an increase of 2.1% compared to the end of 2021, according to the Ministry of Treasury and Foreign Finance (DTFE).
The structure of this debt is still dominated by the domestic component with a share of 77%, while external debt represents 23% of the total outstanding debt, as determined by the DTFE in a recent note on the situation.
The aforementioned note also indicates that the position of external treasury loans generated a net negative flow (withdrawals - amortization) of 900 million dirhams at the end of May 2022 compared to +3.7 billion dirhams during the same period in the previous year. In this development, publications amounted to 3.5 billion dirhams, down 56.3%.
For their part, the main repayment installments registered an increase of 2.3% to reach 4.4 billion dirhams. Thus, the balance of the external debt of the treasury stabilized at 207.6 billion dirhams, an increase of nearly 1.9% compared to the end of December 2021.
The DTFE also indicates that the upward trend in the development of prices applied to the primary market for Treasuries (BDT) that started at the beginning of 2022 continued through May.
This increase relates to 5-year BDTs, which experienced the strongest increase with +36 basis points (bps) at 2.32%, followed by 52-week BDTs (+26 bps/1.76%), BDTs at 2 years (+25 bps/1.93)% ), BDTs at 26 weeks (+22 bps/1.64%) and BDTs at 13 weeks (+19 bps/1.51%).
With regard to the effective management of domestic debt and in order to adjust its profile, the Treasury carried out bond exchanges with a total value of 8.6 billion dirhams at the end of May 2022, the same source notes, noting that at the end of May 2022. In the first five months of 2022, the average remained The duration of the domestic debt is at the same level as at the end of 2021, i.e. 6 years and 4 months.