Bank Al-Maghrib: Seizure of Fake Bills Down 34%

Rabat – Moroccan Authorities seized 34% less counterfeit bills in 2020 compared to the year before, according to Bank Al-Maghrib (BAM).

The Moroccan Central Bank released its annual report on the North African country’s economic, financial, and monetary situation in 2020. Abdellatif Jouahri, the Governor of Bank Al-Maghrib presented the report to Morocco’s King Mohammed VI.

The 34% fall represents a decline of 6,335 seized fake bills, worth approximately MAD 1 million ($112,300). Among the seized bills, the MAD 200 bill accounted for 69% of all fake denominations.  

According to the figures  last year, approximately 2.9 in every million bills are counterfeit, compared to 2019’s figures, where approximately 5.2 in every million bills in circulation were fake.

BAM was able to fulfill its commitment to produce and deliver new and secure documents “in full,” the report read. BAM delivered more than 1 million biometric passports, 1.2 million Secure Identity Cards, and almost 41 million of various secure documents.

In 2019, Morocco’s central bank identified 9,575 counterfeit banknotes worth approximately MAD 1.5 million ($168,500), an increase of 6% over the previous year. Consistent with 2020’s figures, 69% of all the counterfeit denominations were of a MAD 200 value.

Morocco was experiencing growing popularity with counterfeit denominations before the recent drop in seizures. In 2017, Moroccan Authorities seized more than MAD 13 million ($1.4 Million ), which represents a 19% increase from 2016

In 2015, the surge in counterfeit bills in Morocco became so severe that Moroccan investigators suspected that foreign networks were attempting to undermine Morocco’s economic and social stability.

Moroccan authorities have recently cracked down on a wide variety of counterfeits, a sign of the country’s increasingly stable social and economic outlook. Citizens have seen increased effort to combat counterfeit bills, counterfeit beverages like alcohol, as well as the broader fight against organized crime.