Attijariwafa bank, BMCE Capital and Banque Centrale Populaire (BCP) were the most active banks on Morocco’s Treasury bill market in 2025, the Ministry of Economy and Finance has said.
The three lenders topped the annual ranking of Treasury Securities Intermediaries, known as IVTs, published by the ministry and prepared by the Treasury and External Finance Directorate.
The ranking is based on an assessment of how banks operate on both the primary and secondary markets for Treasury bills. It also looks at their role in managing domestic public debt and their compliance with electronic pricing rules.
The ministry said the review covers the quality of market activity, participation in debt management operations, and the advice and market data provided to the Treasury.
IVT banks are selected by the Ministry of Economy to act as key partners of the state. They are the only institutions allowed to bid directly at Treasury bill auctions. In practice, they link the state, which needs funding, with large investors such as insurers and pension funds.
The ranking is seen as a measure of how well banks support public financing. On the primary market, IVTs help ensure the state can raise funds for the budget and major projects. On the secondary market, they provide liquidity so investors can sell Treasury bills when needed.
The Treasury and External Finance Directorate said publishing the ranking encourages competition among banks and promotes stronger market standards.
Treasury bills are a core part of Morocco’s financial system. The interest rates set on this market act as a reference for lending rates across the economy, affecting both businesses and households.
