Bank Al-Maghrib
The central bank of the Kingdom of Morocco, responsible for monetary policy, currency issuance, banking supervision and payment-system oversight.
Last updated August 26, 2026
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Overview
Bank Al-Maghrib is the central bank of the Kingdom of Morocco. It was created in 1959 as Banque du Maroc, succeeding the State Bank of Morocco, which had been established in 1907. The institution assumed responsibility for issuing Morocco's currency shortly after its creation and introduced the Moroccan dirham in October 1959. In 1987, it adopted its current name, Bank Al-Maghrib, and established Dar As-Sikah, the specialized unit responsible for producing Moroccan banknotes and coins. The bank occupies a central position in Morocco's financial and economic system. Its core mandate includes conducting monetary policy, maintaining price and monetary stability, managing and issuing the national currency, holding and managing foreign-exchange reserves, supervising credit institutions and contributing to the soundness of the banking system. It also has responsibilities relating to payment systems and the regulatory framework governing banks and other institutions carrying out banking activities. Its supervisory remit covers private commercial banks as well as other regulated credit institutions operating in Morocco. Bank Al-Maghrib's institutional role expanded through successive banking reforms. The 1967 Banking Act strengthened its banking-supervision function. A 1993 banking act established a more unified framework for Moroccan credit institutions, reinforced supervisory powers and introduced measures concerning the treatment of institutions in difficulty and the protection of banking customers. Amendments to the bank's statutes in the same period clarified its monetary-policy role and provided greater autonomy. Law No. 76-03, adopted in the mid-2000s, repealed the original 1959 founding statute, strengthened the bank's independence in monetary policy and supplied a legal basis for its payment-system responsibilities. Related banking legislation also broadened the scope of regulation and clarified the responsibilities of national credit-sector bodies. The institution is headquartered on Avenue Mohammed V in Rabat. It maintains a branch in Casablanca and agencies in 18 other Moroccan cities, giving it a nationwide operational presence. Its activities are domestic in mandate, although they are closely connected with international financial markets through foreign-exchange management, reserve administration, cross-border banking regulation and cooperation with international financial institutions. Bank Al-Maghrib is also associated with financial-inclusion work and is a member of the Alliance for Financial Inclusion. Beyond its monetary and supervisory functions, the bank maintains a museum at its Rabat headquarters. The collection includes more than 30,000 coins, banknotes, monetary instruments and related objects spanning ancient civilizations through the modern period. An adjacent art gallery contains several hundred works. Public exhibitions and a 2023 catalogue presented the cultural and artistic history of money in Morocco. The bank has also undertaken public-interest and interinstitutional initiatives. In November 2022, it signed a partnership agreement with Morocco's Office des Changes to create a framework for exchanging data and expertise. Following the September 2023 Marrakesh-Safi earthquake, it donated 1 billion Moroccan dirhams to relief operations in affected areas. As a public central bank, Bank Al-Maghrib is not a listed commercial company and does not operate as a consumer-facing banking brand in the conventional sense; its institutional positioning is based on monetary credibility, financial stability, regulatory authority and stewardship of Morocco's currency.
History
Morocco's modern central-banking institution emerged from the country's effort to regain control over monetary issuance after independence. The State Bank of Morocco, founded in 1907, had previously held the currency-issuing role. In 1958, the Moroccan government began negotiations with France and the State Bank concerning the transfer of that authority to the Moroccan state. Decree No. 1.59.233, issued on 30 June 1959, created Banque du Maroc. The new institution replaced the State Bank of Morocco and took over currency issuance on 1 July. In October of the same year, it issued the Moroccan dirham, establishing the currency that replaced the earlier monetary arrangement. The early bank therefore served not only as a monetary institution but also as a symbol of Morocco's post-independence economic sovereignty. The bank's regulatory role developed over the following decades. The Banking Act of 21 April 1967 gave Banque du Maroc a more substantial role in supervising banks and other credit institutions. In 1974, it began issuing the centime as a subdivision of the dirham, replacing the franc-based fractional system. In March 1987, Banque du Maroc adopted the name Bank Al-Maghrib. The same month, it created Dar As-Sikah, the unit tasked with manufacturing Moroccan banknotes and minting coins. This separated the identity of currency production within the central-bank structure while retaining Bank Al-Maghrib's overall responsibility for the national currency. A major regulatory reorganization followed in 1993. A new banking act introduced a unified framework for Moroccan credit institutions and strengthened the central bank's supervisory authority. The legislation also addressed customer protection and the handling of institutions in distress. Amendments adopted that October clarified Bank Al-Maghrib's monetary-policy responsibilities and gave it greater institutional autonomy. The legal framework was further revised in the mid-2000s. Law No. 76-03, promulgated through a royal decree in 2005 and implemented in the subsequent legal framework, repealed the original 1959 founding statute. It reinforced the bank's independence in monetary policy and established a legal basis for its role in payment systems. Related legislation, including Law No. 34-03, expanded the banking law's reach to additional institutions conducting banking activities, redefined the functions of national credit-sector bodies, strengthened supervisory autonomy and introduced further measures for customer protection and the management of distressed institutions. Bank Al-Maghrib operates as a public legal entity subject to oversight mechanisms including an account commissioner, a government commissioner and the Court of Accounts. In the contemporary period, Bank Al-Maghrib combines traditional central-bank functions with broader financial-development responsibilities. It issues currency, conducts monetary policy, manages foreign-currency reserves, supervises Morocco's banking system and contributes to the operation and security of payment systems. It also participates in financial-inclusion policy through membership in the Alliance for Financial Inclusion. The institution maintains its headquarters on Avenue Mohammed V in Rabat, together with a Casablanca branch and agencies in 18 other Moroccan cities. Its museum at the headquarters preserves a collection of more than 30,000 coins, banknotes and monetary objects, while an adjacent gallery holds several hundred artworks. Exhibitions held in 2023 presented the long cultural history of money in Morocco and elsewhere. Bank Al-Maghrib has continued to cooperate with other public authorities. In November 2022, it signed a partnership agreement with the Office des Changes to formalize exchanges of data and know-how. After the 6.8-magnitude earthquake that struck the Marrakesh-Safi region on 8 September 2023, the bank donated 1 billion dirhams for relief efforts. Abdellatif Jouahri has served as governor since 2003, following a succession of governors who led the institution from its creation.
- 2023
Earthquake relief contribution
[1]The bank donated 1 billion dirhams to relief operations after the Marrakesh-Safi earthquake.
- 2022
Partnership with Office des Changes
[1]Bank Al-Maghrib and the Office des Changes formalized cooperation on data exchange and institutional expertise.
- 2005
New central-bank legal framework adopted
[1]Law No. 76-03 repealed the original founding statute, strengthened monetary-policy independence and established a legal basis for payment-system responsibilities.
- 1993
Unified banking framework enacted
[1]A new banking act created a more unified regulatory framework for Moroccan credit institutions and reinforced supervisory powers.
- 1987
Bank adopts current name and establishes Dar As-Sikah
[1]Banque du Maroc became Bank Al-Maghrib and created Dar As-Sikah for banknote printing and coin minting.
- 1974
Centime issuance begins
[1]The bank began issuing the centime as a fractional unit of the dirham, replacing the franc-based fraction.
- 1967
Banking supervision strengthened
[1]The Banking Act of 21 April expanded Banque du Maroc's role in supervising the banking sector.
- 1959
Banque du Maroc created
[1]A decree dated 30 June created Banque du Maroc, which replaced the State Bank of Morocco and assumed responsibility for issuing currency.
- 1959
Moroccan dirham introduced
[1]Banque du Maroc issued the Moroccan dirham in October, creating the country's modern national currency.
- 1907
State Bank of Morocco established
[1]The State Bank of Morocco was established and later served as the predecessor institution to Banque du Maroc.
Products and positioning
Morocco's sovereign monetary authority and banking-system regulator, positioned around monetary stability, currency integrity, financial-system resilience and responsible financial-sector development.
National currency · 1959
Moroccan dirham
The Moroccan dirham is the national currency issued under Bank Al-Maghrib's authority. The bank introduced it in October 1959 after taking over currency issuance from the State Bank of Morocco. Its physical notes and coins are produced through the central bank's Dar As-Sikah unit.
Currency production · 1987
Dar As-Sikah
Dar As-Sikah is Bank Al-Maghrib's currency-production unit, established in 1987. It is responsible for printing Moroccan banknotes and minting coins, supporting the bank's mandate to maintain the security, quality and supply of the national currency.
Central-bank service
Monetary policy
Bank Al-Maghrib conducts Morocco's monetary policy within its statutory mandate. This function is intended to support monetary stability and the orderly functioning of the national economy rather than provide a retail product to consumers.
Financial regulation · 1967
Banking supervision
The bank supervises Moroccan credit institutions, including private commercial banks. Its supervisory responsibilities developed through the 1967, 1993 and subsequent banking reforms and include matters related to institutional soundness, customer protection and the treatment of distressed institutions.
Financial infrastructure · 2005
Payment-system oversight
Under its modern legal framework, Bank Al-Maghrib has responsibility connected with Morocco's payment systems. This role supports the security and orderly operation of financial payment infrastructure.
Cultural institution
Bank Al-Maghrib Museum
Located at the bank's Rabat headquarters, the museum preserves a numismatic collection of more than 30,000 coins, banknotes, monetary instruments and related objects. An adjacent art gallery holds several hundred works and supports public interpretation of Morocco's monetary and artistic history.
Marketing campaigns
- 2023Money-history exhibitions
Morocco
Bank Al-Maghrib's museum and adjacent gallery presented public exhibitions drawing on the institution's numismatic and artistic collections, covering the history and cultural representation of money.
Outcome. The exhibitions were accompanied by a catalogue published by Bank Al-Maghrib.
- Financial-inclusion policy participation
Morocco
Through membership in the Alliance for Financial Inclusion, Bank Al-Maghrib participates in international cooperation and policy work related to expanding access to appropriate financial services.
Brand decisions
2022
Data and expertise partnership with Office des ChangesOtherBackground
The central bank and Morocco's foreign-trade institution shared interests in financial and external-sector information.
Action taken
The institutions signed an agreement establishing a formal framework for exchanging data and know-how.
Aftermath
The agreement provided an institutional basis for continued cooperation.
2005
Adoption of an independent central-bank frameworkStrategyBackground
Morocco revised the legal foundations governing its central bank and banking sector.
Action taken
Law No. 76-03 repealed the 1959 founding statute, reinforced monetary-policy independence and provided a legal basis for payment-system responsibilities.
Aftermath
Bank Al-Maghrib operated under a more modern statutory framework with strengthened autonomy and expanded institutional responsibilities.
1993
Strengthening of banking regulationStrategyBackground
Morocco required a more coherent regulatory framework for credit institutions and a clearer central-bank supervisory mandate.
Action taken
A new banking act unified important elements of the regulatory framework, expanded supervision and addressed customer protection and distressed institutions.
Aftermath
Bank Al-Maghrib gained a stronger role in supervising the banking system, while statutory amendments increased monetary-policy autonomy.
1987
Rebranding as Bank Al-MaghribStrategyBackground
The central bank's institutional identity and currency-production arrangements were being modernized.
Action taken
Banque du Maroc adopted the name Bank Al-Maghrib and established Dar As-Sikah.
Aftermath
The current institutional name was established and currency manufacturing received a dedicated organizational unit.
1959
Transfer of currency issuance to Banque du MarocStrategyBackground
Morocco sought to reclaim national control over money issuance from the predecessor State Bank of Morocco.
Action taken
The government created Banque du Maroc by decree and transferred currency-issuing responsibility to it.
Aftermath
The institution issued the Moroccan dirham later in the year and became the foundation of Morocco's modern central-bank system.
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