Bank Al-Maghrib Reports Banknote Counterfeits Declined in 2024

Morocco’s sustained efforts to curb banknote counterfeiting continue to bear results, supported by a combination of advanced security features

Rabat – Bank Al-Maghrib (BAM) reported a continued decline in the counterfeiting of Moroccan banknotes in 2024, with the rate of counterfeit notes dropping to 1.5 per million banknotes in circulation, compared to 5.3 per million in 2018.

The number of counterfeit banknotes discovered during the year reached 4,495 units, with a total value of MAD 635,910 ($63,600), down from MAD 836,650 ($83,700) in 2023.

This figure also remains well below the level recorded before the health crisis, when 9,575 counterfeit notes were detected.

In terms of denominations, the MAD 200 ($20) banknote accounted for the largest share of counterfeits in 2024, representing 58%, compared to 54% the previous year.

The MAD 100 ($10) note rose slightly from 16% to 17%, while the MAD 50 ($5) note increased from 11% to 13%. In contrast, the share of MAD 20 ($2) counterfeit notes fell significantly, from 19% in 2023 to 12% in 2024.

The report also indicated that counterfeiting attempts continued to target older issues, with the 2012 series accounting for 91% of all counterfeit notes, compared to 81% in 2023 and 46% in 2019.

The 2002 series represented 4%, while the 1987 series accounted for 2%. Attempts to counterfeit the new banknote series issued in 2023 remained limited, at no more than 3% of the total.

As for techniques, photocopying and colour printing remained the most widely used methods, accounting for 90% of the counterfeit banknotes discovered.

In addition, 343 counterfeit foreign banknotes were identified in 2024, compared to 308 in 2023 and 385 in 2022.

Counterfeit euros represented 71% of the total, up from 51% the previous year, while counterfeit US dollars accounted for 25%, down from 35% in 2023.

Morocco’s sustained efforts to curb banknote counterfeiting continue to bear results, supported by a combination of advanced security features, closer coordination between BAM and law-enforcement services, and increased monitoring across cash circulation points.