Bank Al-Maghrib reports sharp decline in counterfeit banknotes for 2024

Wednesday 26 November 2025 - 17:20

By: Dakir Madiha

Bank Al-Maghrib reports sharp decline in counterfeit banknotes for 2024

Bank Al-Maghrib (BAM) has announced a significant reduction in the rate of counterfeit banknotes in circulation for 2024, marking a major achievement in Morocco’s ongoing efforts to combat counterfeiting. The rate dropped to 1.5 counterfeit notes per million banknotes, a considerable improvement compared to 5.3 per million in 2018.

A total of 4,495 counterfeit banknotes were intercepted in 2024, amounting to a value of MAD 635,910 ($63,600). This is a notable decline from the MAD 836,650 ($83,700) reported in 2023 and remains far below pre-pandemic levels, when 9,575 counterfeit notes were detected.

Denominations targeted by counterfeiters

The MAD 200 ($20) note was the most counterfeited denomination, accounting for 58% of the total in 2024, compared to 54% in 2023. The MAD 100 ($10) note saw a slight increase in counterfeit attempts, rising from 16% to 17%, while the MAD 50 ($5) note grew from 11% to 13%. Meanwhile, counterfeit MAD 20 ($2) notes fell significantly, dropping from 19% in 2023 to 12% in 2024.

Older banknote series continued to be the primary target of counterfeiters. The 2012 series accounted for 91% of all counterfeit notes detected, up from 81% the previous year. The 2002 series represented 4%, while the 1987 series accounted for 2%. The newly issued 2023 series remained largely unaffected, with counterfeits making up just 3% of the total.

Counterfeiting methods and foreign currencies

The majority of counterfeit notes, 90%, were produced using photocopying and color printing techniques. In addition to Moroccan dirhams, foreign currencies were also targeted. BAM reported the detection of 343 counterfeit foreign banknotes in 2024, up from 308 in 2023. Counterfeit euros accounted for 71% of these cases, a sharp increase from 51% the previous year, while counterfeit US dollars dropped from 35% to 25%.

Sustained efforts to combat counterfeiting

Morocco’s achievements in reducing counterfeiting are attributed to several factors. Bank Al-Maghrib has implemented advanced security features on banknotes, enhanced collaboration with law enforcement, and strengthened monitoring at cash circulation points. These measures have made it increasingly difficult for counterfeiters to operate, contributing to the continued decline in detected counterfeits.

The efforts of Bank Al-Maghrib and Moroccan authorities to safeguard the integrity of the nation’s currency underscore their commitment to financial security and public trust. As counterfeiting trends shift, Morocco remains proactive in addressing the challenges posed by evolving fraudulent techniques.