The Bank Al-Maghrib (, ) is the
central bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
of the Kingdom of
Morocco
Morocco, officially the Kingdom of Morocco, is a country in the Maghreb region of North Africa. It has coastlines on the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to Algeria–Morocc ...
. It was founded in 1959 as the successor to the
State Bank of Morocco (est. 1907). In 2008 Bank Al-Maghrib held reserves of foreign currency with an estimated worth of US$36 billion.
In addition to currency management, the Bank Al-Maghrib also supervises a number of private banks supplying commercial banking services. The bank is headquartered on
Avenue Mohammed V in
Rabat
Rabat (, also , ; ) is the Capital (political), capital city of Morocco and the List of cities in Morocco, country's seventh-largest city with an urban population of approximately 580,000 (2014) and a metropolitan population of over 1.2 million. ...
; it has a branch in
Casablanca
Casablanca (, ) is the largest city in Morocco and the country's economic and business centre. Located on the Atlantic Ocean, Atlantic coast of the Chaouia (Morocco), Chaouia plain in the central-western part of Morocco, the city has a populatio ...
and agencies in 18 other cities in Morocco.
History
In 1958, the Moroccan government commenced negotiations with France and the
State Bank of Morocco to reclaim for itself the right to issue money. Decree n° 1.59.233 of 30 June 1959 created the Banque du Maroc, which took over the issuance of money the next day, and replaced the State Bank of Morocco. In October, the Banque du Maroc issued a new currency, the
Moroccan dirham
The Moroccan dirham (, ; Currency symbol, sign: DH; code: MAD) is the official monetary currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. One Moroccan dirham is subdivided into 100 ''santimat'' (singular: santi ...
. The Banking Act of 21 April 1967 enhanced the role of "Banque du Maroc", particularly in the field of banking supervision. In 1974, the Banque du Maroc commenced issuing the centime as a fraction of the dirham, replacing the franc.
In March 1987, the bank adopted the name Bank Al-Maghrib. That same month, the bank established Dar As-Sikkah, the unit that would be responsible for printing bank notes and minting coins.
A new banking act in July 1993 created a unified regulatory framework for all credit institutions in Morocco. This act strengthened the Bank Al-Maghrib in its role of regulating and supervising credit institutions. October saw the passage of amendments to the Bank's statutes that clarified its role in monetary policy, and that granted it greater autonomy.
In 2006, Law No.76-03, promulgated by Dahir No. 1-05-38 of 20th Chaoual 1426 (23 November 2005) repealed Dahir No. 1-59-233 of 23rd Hija 1378 (30 June 1959), which had created Bank Al-Maghrib. The new law reinforced Bank Al-Maghrib's independence in terms of monetary policy, and provided a legal basis for its responsibility for the payment system. The new law established the bank as a public legal entity, controlled by the account commissioner, the government commissioner, and the Court of Accounts. Law No.34-03 expanded the jurisdiction of the banking law over certain institutions engaged in banking activities, redefined the roles of the National Council of Credit and the Committee of Credit Establishments, reinforced Bank Al-Maghrib's autonomy in banking supervision, and instituted a number of other measures covering the protection of clients of credit institutions and the treatment of credit institutions in distress.
On 15 November 2022, Bank Al-Maghrib and the Office des Changes, the country's foreign trade institution, signed a partnership agreement. It aims to establish a formal framework for the exchange of data and know-how in areas of common interest.
The bank is a member of the
Alliance for Financial Inclusion
The Alliance for Financial Inclusion (AFI) is a policy leadership alliance owned and led by member central banks and financial regulatory in developing countries with the objective of advancing financial inclusion.
As of February 2025, AFI had 9 ...
and is active in promoting
financial inclusion
Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services—which ...
policy.
On 8 September 2023,
an earthquake with a magnitude of 6.8
Mw hit
Marrakesh-Safi
Marrakesh-Safi () is one of the twelve regions of Morocco.[Jounaux.ma](_blank)
Its popul ...
region of Morocco. A week after the earthquake struck, Bank Al-Maghrib donated 1 Billion dirhams for relief operations of quake-hit regions.
Museum
The museum, located in the bank's headquarters, has an important
numismatic
Numismatics is the study or collection of currency, including coins, tokens, paper money, medals, and related objects.
Specialists, known as numismatists, are often characterized as students or collectors of coins, but the discipline also inclu ...
collection, spanning from different civilizations of
Antiquity to the present day. With more than 30,000 coins, banknotes, monetary instruments and other objects, the museum and its adjacent art gallery of several hundred artworks document the 2000-year-old cultural
history of money
The history of money is the development over time of systems for the exchange of goods and services. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter.
Money may take a physical form ...
and its artistic representation in the country's past and present. This history was presented in public exhibitions in 2023 and an accompanying catalog published by Bank al-Maghrib.
Governors
*
M'Hamed Zeghari, 1959–1964
*
Driss Slaoui, 1964–1967
*
M'Hamed Zeghari, 1967–1969
*Prince
Moulay Hassan Ben El Mehdi, 1969–1984
*
Ahmed Bennani, April 1985 – September 1989
*
Mohamed Seqat, 1989 – March 2003
*
Abdellatif Jouahri, March 2003 - present
See also
*
Economy of Morocco
*
List of central banks of Africa
There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both ...
*
List of central banks
This is a list of central banks.
Central banks by alphabetical order
This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*).
Major central banks by currency allocation p ...
References
External links
*
Currency Exchange Practices at Moroccan Banks
{{Authority control
Economy of Morocco
Government-owned banks of Morocco
Banks of Morocco
Morocco
Morocco, officially the Kingdom of Morocco, is a country in the Maghreb region of North Africa. It has coastlines on the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to Algeria–Morocc ...
1959 establishments in Morocco
Banks established in 1959