ank Al-Maghrib published on October 9 a working paper on central bank digital currency, whose authors, three of its researchers, reveal that a proof of concept has already been run with the International Monetary Fund and the World Bank.
This retail digital dirham prototype tested issuance, distribution, person-to-person payments and interoperability with existing infrastructure. Its results confirmed the technical feasibility of such a currency in Morocco.
A second project, devoted to cross-border payments, is being conducted with the Central Bank of Egypt, with World Bank support.
The model sketched leaves issuance and supervision to Bank Al-Maghrib, and distribution to banks and payment institutions. So as not to drain bank deposits, the digital dirham would at first bear no interest and carry caps.
Currency in circulation rose from 70 billion dirhams in 2001 to more than 500 billion in 2025, and only 62% of resident individuals held a bank account last year. The authors see this as a reason to design a currency that reproduces the strengths of cash.
The paper, which commits only its authors, sets no issuance timetable.
Photo: Bank Al-Maghrib.
Bank Al-Maghrib - Monnaie Digitale de Banque Centrale : Enjeux et enseignements pour le Maroc (document de travail)
