Bank Al-Maghrib: Issuance of 654 Million Banknotes and 41% Increase in Disposal in 2024
A report from Bank Al-Maghrib on the infrastructure of financial markets and payment methods indicated that the bank issued 654 million new banknotes in 2024, a figure that is nearly equivalent to what was recorded in 2023. In contrast, the disposal of banknotes saw a significant increase, reaching 389 million notes, marking a 41% rise.
Regarding the maintenance of currency quality, overseen by Bank Al-Maghrib in collaboration with sorting centers, the process covered 4.6 billion banknotes, up 13% compared to the previous year. The centers handled approximately 85% of these notes, around 3.9 billion notes, compared to 87% in 2023.
These operations enabled the reintroduction of about 2.4 billion valid notes back into banks, compared to 2.2 billion in 2023, while Bank Al-Maghrib received 634 million valid banknotes. The overall recycling rate reached 78.6%, up from 78.3% the previous year, with the highest recycling rates for the 200 and 100 dirham notes at 85% and 78%, respectively, whereas the 50 and 20 dirham notes lagged significantly at 27% and 15%.
In terms of coins, the volume of recycled coins at sorting centers reached 184 million pieces, reflecting a 24% decrease compared to 2023.
The report noted that the total bank deposits from sorting centers to Bank Al-Maghrib amounted to 1.4 billion banknotes, compared to 1.3 billion in 2023, with a 7% increase in deposits of valid notes to 634 million and a 10% increase in invalid notes reaching 793 million.
For the automated processing of banknotes, Bank Al-Maghrib processed 666 million banknotes in 2024, a 29% increase, allowing for the production of 412 million valid notes, which is 78 million more than in 2023, with the 200 and 100 dirham notes comprising nearly 90% of the processed volume.
In the context of field monitoring, Bank Al-Maghrib carried out 64 inspection missions within sorting centers and 1,515 missions within banks, correcting 74% of the irregularities detected.
