Morocco’s Central Bank Authorized to Issue New Currency, Government Approves

According to the new decree, "the approval of Bank Al Maghrib’s decision on the promotion of a new type of banknotes and coins is subject to a decree on the proposal of the Minister of Finance. The determination of the purchasing power of the probable new currency is subject to the same procedure. This is Decree No. 2.19.1095, relating to the application of Law No. 40.17 on the status of the central bank, which cancels the previous decree.

The new approved decree also stipulates that the government’s approval of the provision of the treasury share in Bank Al-Maghrib’s capital is made by decree proposed by the Minister of Finance, to allow Bank Al Maghrib to cover its deficit. While the approval of the accounting rules to which Bank Al Maghrib is subject is made by decision of the Minister of Finance."

The decree comes after the release of $3 billion from the International Monetary Fund (IMF) reserve to support Bank Al Maghrib. There is a strong trend towards the issuance of new banknotes and new metal coins in view of the new decree. The coming days will allow us to know whether or not a new currency will be issued in the kingdom.