The Super Banker
A special wing at the Museum is also devoted to the history of Bank Al-Maghrib, its major missions as well as some notions of finance.
History of Bank Al-Maghrib
On April 7, 1906, the Banque d’État du Maroc was created under the act of the Algeciras conference, with a view to improving the monetary situation in Morocco and issuing currency.
In the aftermath of independence, Morocco demanded to manage its economy by itself, and for this purpose, set up by virtue of the Dahir (Royal decree) of 30 June 1959, the Banque du Maroc. Financially autonomous, it pursued an aim of general public interest. It set up its headquarters in Rabat, and has a network of branches throughout the Kingdom. In March 1987, it changed its name to Bank Al-Maghrib. This denomination is adopted in all languages.
Main tasks of the Central Bank
|Supervising the Banking System
|Bank Al-Maghrib prepares laws and regulations for banking institutions in order to ensure financial transparency and prevent risks.
|Bank Al-Maghrib, through its Dar As-Sikkah headquarters established in 1987, is the only institution in Morocco that enjoys the right of designing, producing and issuing national banknotes and coins.
|Preserving price stability
|Serving the Moroccan State
|The central bank is responsible for price stability, that is to keep commodity prices stable, in order to ensure the growth of the country. For this purpose, it defines a monetary policy
|Bank Al-Maghrib is the government's financial advisor. It is responsible for the borrowing operations issued by the State.
|Managing foreign exchange reserves
|Setting policy rates
|The Central Bank holds foreign exchange reserves, that is, foreign currencies and gold, which allows it to determine the exchange rates between the Dirham and foreign currencies
|All banks have an account with Bank Al-Maghrib. The Central Bank sets special interest rates, called "key rates", which correspond, on the one hand, to the interest on their deposits and, on the other hand, to the interest rate for borrowing money.