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Bank Al Maghrib Issues MAD484 Million Banknotes in 2019

Bank Al Maghrib Issues MAD484 Million Banknotes in 2019

Tuesday, 4 August, 2020 - 08:30
Bank Al Maghrib (BAM), Reuters.

Bank Al Maghrib (BAM) said that MAD484 million banknotes were issued in 2019, recording a slight decrease compared to 2018.

The production was made up of 44 percent by 200-dirham (USD20) banknotes and 20 percent by 100-dirham banknotes (USD10), specifies BAM in its annual report on the economic, monetary and financial situation for the 2019 financial year.

Following the partnership agreement signed with the Ministry of Equipment, Transport, Logistics, and Water, in 2018, on the design, printing, and personalization of a new generation driver’s license and electronic registration cards which will be put into circulation as of January 2020, Bank Al-Maghrib has continued to put in place the prerequisites necessary to start this activity.

Moreover, the number of counterfeit banknotes increased by 6 percent compared to 2018 reaching 9,575 papers during the year 2019, equivalent to MAD1.5 million (USD150,000).

More than two-thirds of the counterfeit banknotes (69 percent) were of a MAD200 (USD21) value—the highest-value banknote in Morocco. Nearly half the counterfeit banknotes (46 percent) imitated the design of banknotes issued in 2012.

Regarding the counterfeiting ratio, Bank Al Maghrib revealed that only 5.2 banknotes out of a million in Morocco are counterfeit. According to the central bank, the ratio is low compared to international figures.

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