Bank Al-Maghrib
Encyclopedia
The Bank Al-Maghrib is the central bank
of the Kingdom of Morocco
. It was founded in 1959, and is based in Rabat
. It holds reserves of foreign currency with an estimated worth of USD
36 billion (2008 worth). In addition to currency management, the Bank Al-Maghrib also supervises a number of privatized banks supplying retail services.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the Kingdom of Morocco
Morocco
Morocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...
. It was founded in 1959, and is based in Rabat
Rabat
Rabat , is the capital and third largest city of the Kingdom of Morocco with a population of approximately 650,000...
. It holds reserves of foreign currency with an estimated worth of USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
36 billion (2008 worth). In addition to currency management, the Bank Al-Maghrib also supervises a number of privatized banks supplying retail services.