Bank Al-Maghrib
بنك المغرب
Headquarters

Headquarters
Logo

Logo
HeadquartersRabat, Morocco
Ownership100% state ownership[1]
GovernorAbdellatif Jouahri
Central bank ofMorocco
CurrencyMoroccan dirham
MAD (ISO 4217)
Reserves21 390 million USD[1]
Websitewww.bkam.ma Edit this at Wikidata

The Bank Al-Maghrib is the central bank of the Kingdom of Morocco. 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 has a branch in Casablanca, and agencies in 18 other cities in Morocco. The current governor is Abdellatif Jovahri.[2]

The bank is a member of the Alliance for Financial Inclusion[3] and active in promoting financial inclusion policy.

Governors

Abdellatif Jouahri

History

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See also: State Bank of Morocco

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 dirham.

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. This act strengthened the Bank Al-Maghrib in its role of regulating and supervising credit institutions in Morocco. 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In 2006, Law No.76-03, promulgated by Dahir No. 1-05-38 of 20th Chaoual 1426 (23 November 2005) repealed Dahir No. 1-59-233 of 23rd Hija 1378 (30 June 1959), which had created Bank Al-Maghrib.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 Account. 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.

See also

References

  1. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Official Site of Bank Al-Maghrib". Archived from the original on 2016-09-18.
  3. ^ "Archived copy". Archived from the original on 2012-02-20. Retrieved 2012-02-23.((cite web)): CS1 maint: archived copy as title (link)
  4. ^ a b c d e f "BANK AL-MAGHRIB – Anciens Gouverneurs".
  5. ^ "Structure".

Media related to Bank Al-Maghrib at Wikimedia Commons

Coordinates: 34°01′10″N 6°50′09″W / 34.01944°N 6.83583°W / 34.01944; -6.83583