The number of counterfeit banknotes recorded by the central bank has decreased by about 34 percent over the past year, as a result of the Covid-19 pandemic.
Bank Al Maghrib stated in a recent report that it recorded about 6,335 counterfeit banknotes in 2020, a low number after an increase of 6 percent in 2019.
Counterfeit banknotes’ value amounted to about MAD1 million in 2020, compared to MAD1.5 million in 2019.
According to the central bank, this recorded decrease can be explained by the quarantine period in 2020. However, Bank al Maghrib points out that it follows the recent downward trend of counterfeiting money in Morocco, compared to the world average.
Bank al Maghrib’s data shows that 71 percent of seized counterfeit banknotes were made using a photocopy or color printing machine.
The central bank concluded that it is constantly working to improve counterfeit banknotes detection systems, through diversifying banks’ monitoring and strengthening banking operators’ capabilities to detect fake bills.
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