Release of 654 Million New Banknotes in 2024
New Banknote Issuance by Bank Al-Maghrib in 2024
In 2024, the issuance of new banknotes by Bank Al-Maghrib (BAM) reached a volume of 654 million notes, according to the Central Bank’s annual report on financial market infrastructures, payment methods, and their oversight.
This volume is nearly identical to that recorded in 2023, the report notes, adding that the destruction of old notes increased by 41% to reach 389 million.
The same report states that the quality maintenance work carried out jointly by BAM and the Private Sorting Centers (CPT) achieved a volume of 4.6 billion notes, reflecting a 13% increase compared to the previous year.
The proportion of notes processed by CPT stood at 85%, down from 87% in 2023, equivalent to 3.9 billion notes. The work done by CPT resulted in the production of nearly 2.4 billion valid banknotes recycled directly to banks, compared to 2.2 billion the previous year, while a volume of 634 million valid notes was returned to Bank Al-Maghrib. This yields a recycling rate of 78.6%, slightly up from 78.3% in 2023.
For high denominations, the recycling rates for 200 dirhams and 100 dirhams notes were recorded at 85% and 78%, respectively. In contrast, the recycling rates for lower denominations of 50 dirhams and 20 dirhams were significantly lower, at 27% and 15%.
Additionally, the volume of recycled coins handled by CPT totaled 184 million pieces, showing a 24% decrease compared to 2023.
The processing carried out by the Bank aims to ensure the quality of maintenance performed by the CPT, encompassing both valid and invalid banknote deposits.
The report also indicates that the overall volume of payments from CPT, including both valid and invalid notes, reached 1.4 billion by the end of 2024, compared to 1.3 billion in 2023.
Valid notes payments from CPT amounted to 634 million notes, reflecting a 7% year-on-year increase. Similarly, invalid note payments rose by 10%, reaching 793 million compared to 721 million a year earlier. Bank Al-Maghrib submitted a volume of 666 million notes for automatic processing, a 29% increase compared to the previous year. This processing generated a total of 412 million valid notes, marking an increase of 78 million notes compared to 2023.
In terms of denomination category, the processed volume was predominantly composed of 200 and 100 dirhams notes, accounting for 90% compared to 85% in 2023. Conversely, the processing of lower denominations (50 and 20 dirhams) decreased from 76 to 69 million notes.
For the year 2024, the on-site inspection schedule for CPT and banks comprised 64 and 1,515 missions, respectively. Notably, 74% of identified discrepancies were addressed.
