The origins of Bank Al-Maghrib
The “Banque d’Etat du Maroc” was created in the aftermath of a financial and monetary crisis in order to set Morocco's international political status and, incidentally, to establish an economic and financial institution capable of facilitating its commercial relations with Europe.
This institution was initially governed by the French law of public limited companies. The Act of Algeciras confers on it the exclusive right to issue banknotes that are legal tender, as well as the right to fulfill the functions of paying treasurer of the State and financial adviser.
Its main task was to improve the monetary situation in Morocco without forbidding the circulation of other currencies on its territory.
In the aftermath of independence, Morocco demanded self-management of the country's economy by setting up a national bank and currency.
By virtue of the Dahir (Royal Decree) of June 30, 1959 No. 1.59.233, the Banque du Maroc replaces the Banque d’État du Maroc. It is a public legal entity with financial autonomy. Its headquarters are in Rabat, and has a network of branches throughout the Kingdom. In March 1987, the name “Bank Al-Maghrib” replaces that of Banque d’État du Maroc. This denomination is adopted in all languages.