Morocco’s Central Bank Identified 9,575 Counterfeit Banknotes in 2019

NEWS: Central Bank of Morocco Reported 9,575 counterfeit banknotes in 2019

Last updated on September 11th, 2021 at 02:36 pm

Morocco’s central bank, Bank Al Maghrib (BAM), recognized 9,575 counterfeit banknotes in 2019, worth MAD 1.5 million ($161,000).

The number of counterfeit banknotes extended with the aid of 6% in contrast to 2018, a press launch from BAM announced on Monday, August 3.

More than two-thirds of the counterfeit banknotes (69%) have been of a MAD 200 ($21) value—the highest-value banknote in Morocco. Nearly 1/2 the counterfeit banknotes (46%) imitated the format of banknotes issued in 2012.

Regarding the counterfeiting ratio, Bank Al Maghrib printed that solely 5.2 banknotes out of a million in Morocco arecounterfeit. According to the central bank, the ratio is low compared to international figures.

The 2019 exceptional protection operations led to the recovery of 3.2 billion banknotes, marking a 5% expand compared to 2018. The operations, carried out by non-public sorting facilities and BAM, permit the recycling of banknotes in poor quality.

According to the central bank, the inspections identified a range of upgrades to the process of sorting and recycling financial institution notes. They also detected some negligence that may want to facilitate the usage of counterfeit banknotes.

According to Morocco’s penal code, counterfeiting money can lead to life imprisonment.