Central bank of Morocco
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| Headquarters | Rabat, Morocco | ||
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| Central bank of | Morocco | ||
| Currency |
Moroccan dirham MAD (ISO 4217) |
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| Website | bkam.ma | ||
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The Bank Al-Maghrib is the central bank of the Kingdom of Morocco. It was founded in 1959 as the successor to the "Banque d'Etat du Maroc" (est. 1906). In 2008 Bank Al-Maghrib held reserves of foreign currency with an estimated worth of USD 36 billion. In addition to currency management, the Bank Al-Maghrib also supervises a number of private banks supplying commercial banking services. The Bank has a branch in Casablanca, and agencies in 18 other cities in Morocco. The current governor is Abdellatif Jovahri.
The Bank is a member of the Alliance for Financial Inclusion and active in promoting financial inclusion policy.
The Algeciras Conference, which took place in early 1906 in Algeciras, Spain, sought a solution to the First Moroccan Crisis of 1905 between France and the German Empire, which arose as Germany attempted to prevent France from establishing a protectorate over Morocco in what was known as the Tangier Crisis.
The participants at the conference also sought to reform the Kingdom of Morocco's administration and finances, and to ensure free trade. On 7 April 1906, the representatives of 12 European countries joined Morocco and the United States of America in signing an agreement to establish the "Banque d'Etat du Maroc". The bank began operations in Tangier in February 1907 and had as its shareholders the signatories of the agreement, except for the United States.
The Banque d'Etat du Maroc had some of the functions of a central bank and in 1911 it started to mint silver coins ("Hassani"-type), and to issue banknotes. It had the right, for a 40-year term, to issue banknotes backed by gold. It had a strict cap on the spending of the Sherifian Empire, and the national banks of the German Empire, United Kingdom, France, and Spain, which guaranteed the Banque's loans, appointed administrators. Spanish coinage continued to circulate. France subsequently bought out the shares of some of the founding owners to acquire majority control.
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