Morocco central bank detects 4,064 counterfeit banknotes in 2025
Cash in circulation in Morocco reached a record MAD 513 billion in 2025, a 15.5% increase year over year.
Morocco's central bank, Bank Al-Maghrib, detected 4,064 counterfeit banknotes in 2025, a 10% decrease from the previous year. These fake notes were valued at nearly MAD 574,000. The detection rate fell to 1.2 counterfeit notes per million in circulation, down from 1.5 in 2024.
Despite the drop in counterfeits, cash in circulation surged to a record MAD 513 billion in 2025, a 15.5% increase from the prior year. This highlights a continued reliance on physical money, with cash in circulation now representing 30% of Morocco's GDP. The central bank attributed the improved counterfeit detection to stronger security features on new banknotes and upgraded processing equipment.
MAD 200 banknotes were the most frequently detected counterfeit denomination, making up 56% of fakes found in 2025. Copying, imaging, and color-printing techniques accounted for 97% of identified counterfeiting methods. The central bank's 2023 banknote series now accounts for 27% of banknotes in circulation.
Why it mattersMorocco's economy relies heavily on cash, with circulation reaching MAD 513 billion in 2025, affecting businesses and individuals using physical money.