728:
870:
153:
758:
330:(who would become the State Bank's chairman in 1935) sought a compromise, and in early 1925 an agreement was made between the two institutions that practically sealed the dominance of the State Bank of Morocco (and through it, of the Banque de Paris et des Pays-Bas) over Morocco's monetary system. By mid-1925, the former Austrian and Russian stakes and most of the Moroccan one had also passed under French control, which thus represented slightly over half of the State Bank's total equity capital. The bank's business improved during the rest of the interwar period.
168:, Spain, with the aim to determine the future status of Morocco, including reform of its administration and finances and ensuring free trade. The participating governments endorsed the project of a state bank and adopted provisions for its establishment. On 7 April 1906, the representatives of eleven European countries and the United States of America joined Morocco in signing the conference's final act ("Act of Algeciras"), whose articles 31 to 58 define the concession of the State Bank. Prodded by both the French and British governments, British financier
716:
790:
774:
826:
704:
692:
20:
814:
802:
41:
727:
57:
266:, also known as Hassani), and to issue banknotes. It had the right, for a 40-year term expiring at end-1946, to issue banknotes backed by gold. It had a strict cap on the spending of the Sultanate. The national banks of France, Germany, Spain, and the United Kingdom, which guaranteed the bank's loans, each appointed one of the State Bank's four overseers (
326:. An operations account ensured that from December 1921 the Moroccan and French francs would trade at parity. That same month, the Banque de l'Algérie acquired the block of State Bank shares formerly controlled by Germany. Eventually, however, the rivalry became costly for the Banque de l'Algérie. Starting in 1923, its governor
206:
The State Bank's capital was initially divided into 14 equal blocks of shares (7.14 percent each). Each of the 12 participating countries (Austria-Hungary, Belgium, France, Germany, Italy, the
Netherlands, Portugal, Russia, Spain, Sweden, the United Kingdom, and Morocco itself; the United States did
352:
In 1958, the newly independent
Moroccan government started negotiations with France and the State Bank to reclaim for itself the right to issue money. Decree n° 1.59.233 of 30 June 1959 created the Banque du Maroc. The new central bank took over the issuance of money the next day, and replaced the
1171:
Department of
Defense Appropriations for 1955: Supplemental Hearings Before the Subcommittee of the Committee on Appropriations, United States Senate, Eighty-third Congress, Second Session, on H.R. 8873, Making Appropriations for the Department of Defense and Related Independent Agencies for the
317:
and the French franc, and in
October of that year, the fixed exchange rate was abandoned. By that time, there was a campaign by pro-Algerian interests and the French Finance Ministry for the money issuance privilege in Morocco to be transferred to the Banque de l'Algérie, thus achieving monetary
348:
In 1946, the State Bank received an extension for 20 years of its currency issuance monopoly. By 1947, the Banque de Paris et des Pays-Bas owned 57.2 percent of the State Bank's capital and could appoint eight of its 14 Board members. The State Bank was highly profitable throughout the 1950s.
190:
was tasked with drafting the State Bank's statute and a regulation defining its relation with the
Moroccan government. Following ratification of the Act of Algeciras by the participating nations, the bank's constituent general assembly was held at the Bank of France in Paris under Pallain's
115:
Projects for a bank that would stabilize the
Moroccan monetary situation and promote trade and development in the Sultanate started being made in the 1880s, with various initiatives promoted by British, French, Tangier Jewish, and German businessmen and diplomats. From 1901 to 1905, the
555:, with echoes of the bank's Casablanca branch which Brion had completed in 1937. The original headquarters in the Medina later became a commercial venue for the display of Moroccan handicrafts. In 2017, it was renovated and repurposed as a hotel branded
653:
and in which central administrative functions were transferred from
Tangier, was inaugurated on 15 December 1925 and was described as "the most beautiful modern monument of French Morocco". It is now the central headquarters of Bank Al-Maghrib.
322:. The French Foreign Ministry, the protectorate authorities and the Banque de Paris et des Pays-Bas pushed back against that project. In March 1920, the State Bank demonetized the Hassani and issued notes and coins denominated in
128:, worked with the French government to create a state bank that would be nominally placed under the authority of the Sultan but practically under full French ownership and control. Even though that project failed following the
1331:
Supplementary information on financial manipulation of collaborationists in French Africa - recent shipment of gold to
Portugal by the Tangiers branch of the State Bank of Morocco under instructions from the Bank of
298:, with only minor changes to its governance. The two countries provided that the State Bank would recruit Spanish staff in the Spanish protectorate and French staff in the French one, without mutual competition.
869:
638:
In Rabat, the State Bank purchased land in
September 1921 for a building that would be representative of the city's enhanced status as Morocco's new capital. The state-of-the-art building, designed by
203:
but whose board of directors would meet in Paris. In practice, most board meetings were only attended by three directors, which further reinforced French control over the bank's day-to-day affairs.
1828:
1389:
691:
353:
State Bank of
Morocco, while essentially keeping its Moroccan infrastructure and staff. The State Bank of Morocco's residual French operations, including the headquarters building on
757:
286:
was opposed to its monopoly over Morocco's fiscal functions. Following the loss of Morocco's independence and its partition into a French and a Spanish protectorate in 1912, the
1115:
1674:
789:
337:
had led to Allied control of Morocco, the State Bank transferred gold to a correspondent bank in Lisbon, in what the U.S. authorities viewed as an act of collaboration with
287:
773:
1773:
1554:
508:
and El Ksar. Relations with the Spanish protectorate authorities had been suspended in 1920 but restarted in 1928, allowing the opening of new branches in Arcila (now
669:(1926, replacing an earlier three-story, medieval-looking building). After his collaboration with Cadet ended in 1935, Brion designed the State Bank's new branch in
2036:
259:
for the UK. As a consequence, the Banque de Paris et des Pays-Bas controlled a total of 21.4 percent (3/14) of the shares, giving it pre-eminence from the outset.
215:. Each of the European countries, in turn, transferred their shares to a financial institution that would manage them and exercise the voting rights: these were
2046:
715:
2041:
399:) in Rabat. In Paris, where the State Bank's board of directors met, it was initially established at 3, rue Volney. On 4 December 1922 it moved to 33
528:
433:
220:
703:
403:, where the bank also opened a branch office for its French customers and stayed until at least the late 1930s. By 1950, it had relocated to 59
2021:
657:
Aside from Rabat and Casablanca, Cadet and Brion worked jointly in the 1920s and early 1930s on the design of the State Bank's branches in
60:
Building at 3, rue Volney in Paris, the State Bank of Morocco's "seat of administration" where board meetings were held from 1907 to 1922
424:
2051:
583:
600:. Meanwhile, the branch had moved in 1937 to its iconic location on the northern side of the main square of colonial Casablanca, now
2016:
1909:"El ensanche de Tetuán: SĂntesis de su historia arquitectĂłnica (The Tetuan expansion: a brief account of its architectonic history)"
825:
1846:
858:
473:
364:
295:
224:
212:
117:
191:
chairmanship and officially established it on 25 February 1907 as a limited company under French law, with registered office (
801:
291:
673:(1951–52) as well as its new headquarters in Tangier. The Agadir branch was repurposed as a museum in 2022. The branches in
207:
not take part) received one block; the two remaining blocks of shares were reserved for the consortium associated with the
2011:
152:
813:
1011:
624:
587:
232:
208:
144:, it provided the blueprint for the subsequent creation of the State Bank of Morocco as an international joint venture.
125:
2026:
419:
236:
1407:
1591:
1016:
1656:
302:
84:, to stabilize the Moroccan currency and serve as a vehicle for European and especially French influence in the
1972:
981:
780:
1950:
1929:
1886:
1752:
1731:
1710:
1635:
1530:
1509:
1488:
1467:
1446:
1425:
1368:
1308:
1272:
1248:
1206:
1185:
1148:
916:
327:
1865:
2031:
1350:
89:
1006:
1973:"L'organisation de Bank Al-Maghrib de 1959 Ă nos jours : l'Ă©mergence de la banque centrale au Maroc"
1351:"Assemblées générales extraordinaires des 26 juillet et 15 septembre 1960 : Rapports et résolutions"
944:
940:
632:
619:, before their collaboration ended in 1935; it was completed by Brion alone, in a characteristic mix of
129:
897:
590:
tiled roof. It was demolished in the second half of the 20th century after the creation nearby of the
418:
who had died there in 1936. The latter building was demolished in the early 1970s and replaced by the
1329:
1058:
902:
884:
408:
262:
The State Bank had some of the functions of a central bank and in 1911 started to mint silver coins (
256:
252:
228:
180:
161:
85:
81:
535:, the old center of the city’s commercial activity. In 1952, the bank moved to a purpose-built late
878:
639:
605:
319:
1040:
925:
413:
121:
597:
448:). In the context of pre-protectorate Morocco, all three were located in the respective cities'
943:
represented Sweden from the State Bank's creation until 1940, when he was succeeded by his son
697:
Building at 33, rue La Boétie (center), the bank's Paris headquarters from 1922 to World War II
19:
1231:
764:
628:
601:
283:
240:
857:). Throughout the bank's existence, both positions were effectively selected by and from the
635:
also visited it on 22 August 1938. That building is now the local branch of Bank Al-Maghrib.
1908:
1123:
956:
Georges-Hippolyte Gauran (1907-May 1921 in Tangier, and until the 1930s in Paris as co-CEO)
432:
At its creation in 1907, the State Bank of Morocco took over the Moroccan operations of the
400:
40:
313:, together with French ones. By 1919, it was unable to maintain a fixed parity between the
301:
Under the new protectorate regime, the State Bank of Morocco suffered competition from the
1613:"Vidéo – Réouverture de l'agence historique de Bank Al-Maghrib à Tanger, après rénovation"
850:
842:
562:
392:
384:
376:
334:
267:
192:
99:
69:
49:
1390:"Le sultan est reçu par la Banque d'Etat du Maroc et par la Chambre de commerce de Paris"
404:
354:
290:
upheld the bank's rights and duties as defined in the 1906 Act of Algeciras, both in the
1810:
1792:
527:
In Tangier, the State Bank's head office was located in its property inherited from the
452:. By June 1913, the State Bank's network had expanded with new branches in Mazagan (now
889:
573:
569:
449:
342:
323:
244:
185:
176:
29:
2005:
627:. The inauguration ceremony on 16 October 1937 featured speeches by Resident-general
572:, inherited from the Comptoir national d'escompte as in Tangier. On 30 October 1915,
493:
465:
314:
263:
248:
216:
169:
133:
1829:"CPSM - FES Maroc - La Banque d'Etat et le Boulevard Poeymirau - N° 291 - Edit. CAP"
1001:
910:
674:
650:
644:
616:
610:
552:
477:
338:
306:
137:
77:
873:
Stéphane Dervillé, the State Bank of Morocco’s third and longest-standing chairman
861:, of which the State Bank's chairman was typically a vice chairman of the board.
531:, a Moorish-style multistory building constructed in 1903 in the vicinity of the
1096:
681:
were designed in the early 1920s by architect René Canu. A new building for the
532:
310:
48:, inaugurated 1925 and the seat of its executive management until succession by
1612:
1127:
930:
685:
branch, designed by architect José de Larrucea Garma, was inaugurated in 1930.
1992:
The Meddlers: Sovereignty, Empire, and the Birth of Global Economic Governance
984:, established on 2 September 1925. The National Bank had its Albanian seat in
682:
517:
513:
497:
441:
1692:
1636:"Le général Noguès inaugure le nouvel hôtel de la Banque de l'Etat du Maroc"
1573:
658:
485:
453:
445:
165:
160:
The decision to create the State Bank of Morocco was eventually made at the
56:
985:
795:
Rear view of the Rabat building, now entrance of the Bank al-Maghrib Museum
568:
In Casablanca, the State Bank soon moved out of its initial branch in the
841:
The State Bank of Morocco's key officers were the chairman of the board (
620:
536:
505:
739:, with the State Bank's branch inaugurated in 1915 (center), across the
662:
504:(which appears to have closed a few years later) as well as offices in
481:
469:
437:
200:
141:
33:
1116:"Cassel, Sir Ernest Joseph (1852–1921), merchant banker and financier"
500:
in the Spanish protectorate. By July 1925, a branch had been added in
989:
678:
670:
521:
509:
501:
489:
1592:"Maison d'Hôtes Palais Zahia: Notes de présentation et Emplacement"
156:
Moroccan and European negotiators at the Algeciras Conference, 1906
1174:, Washington DC: U.S. Government Printing Office, pp. 909–910
1098:
Public debt and European expansionism in Morocco from 1860 to 1956
868:
666:
461:
457:
151:
55:
45:
39:
18:
992:, but was created under Italian law and its board met in Rome.
1236:
Publications de la Société française d'histoire des outre-mers
282:
The State Bank's first years were difficult. Initially, the
1657:"Banque D'Etat Du Maroc Casablanca Maroc CPA Postcard 8057"
436:, including its current accounts and its three branches in
36:, the State Bank of Morocco's head office from 1907 to 1952
1693:"Casamémoire : Histoire de l'urbanisme de Casablanca"
1675:"CPA couleur Casablanca - La Banque d'Etat du Maroc. 1922"
1041:"Le Projet français de banque d'État du Maroc (1889-1906)"
1711:"Le sultan visite le nouvel immeuble de la Banque d'Etat"
1930:"Informations financières : Banque d'Etat du Maroc"
1172:
Fiscal Year Ending June 30, 1955, and for Other Purposes
1811:"La banque d'Etat ancienne devient un musée début 2022"
1866:"An Islamicized Mausoleum for Maréchal Hubert Lyautey"
604:. The new building's initial design was by architects
360:
Société internationale de financement et de placements
1599:
Chambre Française de Commerce et d'Industrie du Maroc
631:
and by the State Bank's CEO Georges Desoubry. Sultan
1531:"Assemblées générales : Banque d'Etat du Maroc"
980:
The State Bank of Morocco served as a model for the
391:) in Paris, and from 1925, its general management (
172:reluctantly provided support for the new venture.
1951:"Le futur directeur de la Banque d'Etat du Maroc"
586:. Around 1920, that building was expanded with a
288:Treaty Between France and Spain Regarding Morocco
1408:"Art déco, résonances de l'ancien et du nouveau"
1169:U.S. Senate Committee on Appropriations (1954),
136:attempted to prevent France from establishing a
1149:"Au Maroc : Les Servitudes du Protectorat"
561:. The 1952 building, now the Tangier branch of
476:. By December 1921, branches had been added in
407:, in the former Parisian mansion of aristocrat
92:, it was replaced in 1959 by the newly created
1186:"Lettre du Maroc : Le régime d'Algésiras"
375:The State Bank had its corporate head office (
16:Morocco quasi-central bank established in 1907
8:
746:
740:
734:
591:
577:
556:
546:
540:
383:) in Tangier, its "seat of administration" (
358:
93:
23:
1232:"Les réseaux bancaires impériaux parisiens"
947:who remained on the board until the 1950s.
120:, simultaneously involved in the sovereign
1034:
1032:
1630:
1628:
1626:
1549:
1547:
565:, was comprehensively renovated in 2020.
709:New Tangier building inaugurated in 1952
516:). A branch was opened in March 1930 in
124:that led in 1904 to the creation of the
1994:, Harvard University Press, p. 289
1267:
1265:
1225:
1223:
1120:Oxford Dictionary of National Biography
1090:
1088:
1086:
1084:
1082:
1080:
1078:
1076:
1028:
687:
596:, under new urban planning proposed by
2037:Buildings and structures in Casablanca
1847:"Banque d'Etat du Maroc - Meknes 1925"
1414:. Paris: Presses de Sciences Po. 2012.
962:Georges Desoubry (March 1927 – 1942?)
721:First Casablanca branch in the medina
1303:
1301:
1299:
1297:
1295:
1293:
1291:
1289:
913:(28 October 1925?-19 September 1935)
779:Main façade of the Rabat building on
7:
1273:"Supplément sur l'Afrique française"
988:, later moved to the new capital of
164:, which took place in early 1906 in
2047:Buildings and structures in Tangier
959:Paul Rengnet (May 1921-March 1927)
209:Moroccan debt restructuring of 1904
1791:Yassine Saber (18 February 2021).
1412:Vingtième Siècle. Revue d'histoire
1104:, Paris: Paris School of Economics
1059:"The Algeciras Conference of 1906"
363:, were merged into its parent the
80:established in 1907 following the
14:
2042:Buildings and structures in Rabat
1349:Banque de Paris et des Pays-Bas.
1061:. History Learning Site. May 2012
1977:Histoire, économie & société
1732:"Maroc : La Vie Ă©conomique"
1572:Jeremy Wayne (1 February 2020).
1147:Henri Cosnier (2 January 1913).
881:(25 February 1907-9 March 1909)
824:
812:
800:
788:
772:
756:
726:
714:
702:
690:
593:Avenue des Forces Armées Royales
420:Embassy of South Africa in Paris
211:, in practice controlled by the
1338:, 14 May 1943, pp. 295–297
939:Among the other board members,
859:Banque de Paris et des Pays-Bas
365:Banque de Paris et des Pays-Bas
225:Banque de Paris et des Pays-Bas
213:Banque de Paris et des Pays-Bas
118:Banque de Paris et des Pays-Bas
1907:Mustafá Akalay Nasser (2013),
763:Casablanca branch building on
576:inaugurated a new building on
492:, and also Alcazarquivir (now
1:
907:(18 May 1912-4 October 1925)
520:, and another one in 1950 in
305:, whose banknotes had become
257:Glyn, Mills, Currie & Co.
44:The State Bank's building in
1916:Akros: Revista de Patrimonio
1045:Outre-Mers. Revue d'histoire
1012:Moroccan Debt Administration
971:François Bizard (1957-1959)
894:(19 March 1909-15 May 1912)
625:Moorish Revival architecture
529:Comptoir national d'escompte
434:Comptoir national d'escompte
221:Société Générale de Belgique
126:Moroccan Debt Administration
2022:Economic history of Morocco
1774:"CPA Oudjda, Banque d´Etat"
1753:"La nouvelle Banque d'Etat"
1510:"La Banque d'Etat du Maroc"
1369:"Banque de l'Etat du Maroc"
1207:"Le Traité franco-espagnol"
237:Netherlands Trading Society
2068:
1095:Adam Barbe (August 2016),
1017:Tangier International Zone
968:Edmond Spitzer (1945-1957)
807:Branch in Fez, early 1920s
748:boulevard Houphouët-Boigny
512:) and Villa Sanjurjo (now
2052:Banks established in 1907
1971:Olivier Feiertag (2016),
1778:ansichtskartenversand.com
1316:entreprises-coloniales.fr
551:), designed by architect
233:SocietĂ Bancaria Italiana
2017:Defunct banks of Morocco
1489:"Banque d'Etat du Maroc"
1309:"Banque d'Etat du Maroc"
1039:Magali Chappert (1975),
982:National Bank of Albania
965:Jean Bapst (1942?-1945?)
922:Émile Oudot (1945-1955)
849:) and chief executive (
831:Branch in Tetouan, 1930
742:boulevard du 4e Zouaves
175:A committee chaired by
90:independence of Morocco
1958:Les Annales coloniales
1739:Les Annales coloniales
1718:Les Annales coloniales
1517:Les Annales coloniales
1496:Les Annales coloniales
1475:Les Annales coloniales
1433:Les Annales coloniales
1376:Les Annales coloniales
1256:Les Annales coloniales
1156:Les Annales coloniales
1128:10.1093/ref:odnb/32323
1007:National Bank of Haiti
874:
854:
846:
751:) from the clock tower
747:
741:
735:
592:
578:
557:
547:
541:
539:building on Tangier's
396:
388:
380:
359:
271:
196:
157:
98:, known since 1987 as
94:
74:Banque d'État du Maroc
73:
61:
53:
37:
24:
1990:Jamie Martin (2022),
1864:Stacy Holden (2017),
1851:Album Photo de Meknès
1574:"Beyond 'Casablanca'"
1249:"Banque de l'Algérie"
1230:Hubert Bonin (2008),
945:Marcus Wallenberg Jr.
941:Marcus Wallenberg Sr.
872:
865:Chairmen of the board
819:Branch in Oujda, 1926
584:United Nations Square
357:in Paris and renamed
229:Mendelssohn & Co.
219:for Austria-Hungary;
155:
130:First Moroccan Crisis
66:State Bank of Morocco
59:
43:
22:
2012:Former central banks
1741:. 30 September 1921.
1447:"Semaine financière"
1426:"La Banque du Maroc"
847:président du conseil
474:Spanish protectorate
341:orchestrated by the
296:Spanish protectorate
253:Skandinaviska Banken
162:Algeciras Conference
86:Sultanate of Morocco
82:Algeciras Conference
1817:. 16 February 2021.
1762:. 26 November 1925.
444:, and Mogador (now
389:siège administratif
320:French North Africa
303:Banque de l'Algérie
292:French protectorate
2027:History of Tangier
1875:, LII (2): 151–177
1645:. 17 October 1937.
1619:. 14 January 2020.
1498:. 2 December 1921.
1396:. 20 October 1950.
1378:. 8 December 1922.
1258:. 2 December 1921.
1216:. 1 December 1912.
875:
783:, inaugurated 1925
767:, inaugurated 1937
397:direction générale
309:in Morocco during
158:
132:of 1905, when the
122:debt restructuring
62:
54:
38:
1896:. 29 August 1930.
1720:. 22 August 1938.
1643:Le Petit Marocain
1195:. 7 January 1919.
898:Stéphane Dervillé
855:directeur général
781:Avenue Mohammed V
765:Mohammed V Square
602:Mohammed V Square
548:Avenue Mohammed V
284:Sultan of Morocco
278:Later development
241:Banco de Portugal
223:for Belgium; the
2059:
1996:
1995:
1987:
1981:
1980:
1968:
1962:
1961:
1960:. 14 March 1927.
1955:
1947:
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1934:
1926:
1920:
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1904:
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1797:Le Blog d'Agadir
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951:Chief executives
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879:LĂ©opold Renouard
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255:for Sweden; and
189:
97:
88:. Following the
28:building in the
27:
2067:
2066:
2062:
2061:
2060:
2058:
2057:
2056:
2002:
2001:
2000:
1999:
1989:
1988:
1984:
1979:, 2016/4: 36–52
1970:
1969:
1965:
1953:
1949:
1948:
1944:
1932:
1928:
1927:
1923:
1911:
1906:
1905:
1901:
1889:
1887:"Banque d'Etat"
1885:
1884:
1880:
1873:Hespéris-Tamuda
1868:
1863:
1862:
1858:
1845:
1844:
1840:
1827:
1826:
1822:
1809:
1808:
1804:
1790:
1789:
1785:
1772:
1771:
1767:
1755:
1751:
1750:
1746:
1734:
1730:
1729:
1725:
1713:
1709:
1708:
1704:
1697:Casamemoire.org
1691:
1690:
1686:
1673:
1672:
1668:
1655:
1654:
1650:
1638:
1634:
1633:
1624:
1611:
1610:
1606:
1594:
1590:
1589:
1585:
1571:
1570:
1566:
1553:
1552:
1545:
1540:. 23 June 1930.
1533:
1529:
1528:
1524:
1512:
1508:
1507:
1503:
1491:
1487:
1486:
1482:
1477:. 14 June 1913.
1470:
1466:
1465:
1461:
1456:. 26 June 1908.
1449:
1445:
1444:
1440:
1428:
1424:
1423:
1419:
1406:
1405:
1401:
1388:
1387:
1383:
1371:
1367:
1366:
1362:
1348:
1347:
1343:
1335:
1328:
1327:
1323:
1311:
1307:
1306:
1287:
1282:. 31 July 1925.
1275:
1271:
1270:
1263:
1251:
1247:
1246:
1242:
1229:
1228:
1221:
1209:
1205:
1204:
1200:
1188:
1184:
1183:
1179:
1168:
1167:
1163:
1151:
1146:
1145:
1141:
1132:
1130:
1114:
1113:
1109:
1101:
1094:
1093:
1074:
1064:
1062:
1057:
1056:
1052:
1038:
1037:
1030:
1025:
998:
978:
953:
928:
900:
887:
885:Charles Demachy
867:
839:
832:
829:
820:
817:
808:
805:
796:
793:
784:
777:
768:
761:
752:
736:place de France
731:
722:
719:
710:
707:
698:
695:
642:
608:
598:Michel Écochard
588:Moorish Revival
579:place de France
563:Bank Al-Maghrib
542:Boulevard Antée
422:
411:
409:Robert de VogĂĽĂ©
373:
335:Operation Torch
333:In 1943, after
318:unification of
280:
235:for Italy; the
183:
181:Georges Pallain
150:
113:
108:
100:Bank Al-Maghrib
95:Banque du Maroc
50:Bank Al-Maghrib
17:
12:
11:
5:
2065:
2063:
2055:
2054:
2049:
2044:
2039:
2034:
2032:French Morocco
2029:
2024:
2019:
2014:
2004:
2003:
1998:
1997:
1982:
1963:
1942:
1939:. 19 May 1921.
1921:
1899:
1878:
1856:
1838:
1820:
1802:
1793:"Rectificatif"
1783:
1765:
1744:
1723:
1702:
1684:
1666:
1648:
1622:
1604:
1583:
1564:
1555:"Edmond Brion"
1543:
1522:
1519:. 2 June 1928.
1501:
1480:
1459:
1438:
1417:
1399:
1381:
1360:
1341:
1321:
1285:
1261:
1240:
1219:
1198:
1177:
1161:
1139:
1107:
1072:
1050:
1027:
1026:
1024:
1021:
1020:
1019:
1014:
1009:
1004:
997:
994:
977:
974:
973:
972:
969:
966:
963:
960:
957:
952:
949:
937:
936:
923:
920:
914:
908:
895:
882:
866:
863:
838:
835:
834:
833:
830:
823:
821:
818:
811:
809:
806:
799:
797:
794:
787:
785:
778:
771:
769:
762:
755:
753:
732:
725:
723:
720:
713:
711:
708:
701:
699:
696:
689:
629:Charles Noguès
574:Hubert Lyautey
570:Medina quarter
372:
369:
343:Bank of France
324:Moroccan franc
279:
276:
264:Moroccan rials
245:Banque du Nord
177:Bank of France
149:
146:
112:
109:
107:
104:
76:) was a quasi-
15:
13:
10:
9:
6:
4:
3:
2:
2064:
2053:
2050:
2048:
2045:
2043:
2040:
2038:
2035:
2033:
2030:
2028:
2025:
2023:
2020:
2018:
2015:
2013:
2010:
2009:
2007:
1993:
1986:
1983:
1978:
1974:
1967:
1964:
1959:
1952:
1946:
1943:
1938:
1931:
1925:
1922:
1917:
1910:
1903:
1900:
1895:
1888:
1882:
1879:
1874:
1867:
1860:
1857:
1852:
1848:
1842:
1839:
1834:
1830:
1824:
1821:
1816:
1812:
1806:
1803:
1798:
1794:
1787:
1784:
1779:
1775:
1769:
1766:
1761:
1754:
1748:
1745:
1740:
1733:
1727:
1724:
1719:
1712:
1706:
1703:
1698:
1694:
1688:
1685:
1680:
1676:
1670:
1667:
1662:
1658:
1652:
1649:
1644:
1637:
1631:
1629:
1627:
1623:
1618:
1617:Article 19.ma
1614:
1608:
1605:
1600:
1593:
1587:
1584:
1579:
1575:
1568:
1565:
1560:
1556:
1550:
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1544:
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1532:
1526:
1523:
1518:
1511:
1505:
1502:
1497:
1490:
1484:
1481:
1476:
1469:
1463:
1460:
1455:
1448:
1442:
1439:
1435:. 2 May 1907.
1434:
1427:
1421:
1418:
1413:
1409:
1403:
1400:
1395:
1391:
1385:
1382:
1377:
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1342:
1334:
1333:
1325:
1322:
1317:
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1300:
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1296:
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1292:
1290:
1286:
1281:
1274:
1268:
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1262:
1257:
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1241:
1237:
1233:
1226:
1224:
1220:
1215:
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1202:
1199:
1194:
1187:
1181:
1178:
1173:
1165:
1162:
1157:
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1143:
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1129:
1125:
1121:
1117:
1111:
1108:
1100:
1099:
1091:
1089:
1087:
1085:
1083:
1081:
1079:
1077:
1073:
1060:
1054:
1051:
1047:, LXII, n°229
1046:
1042:
1035:
1033:
1029:
1022:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
999:
995:
993:
991:
987:
983:
975:
970:
967:
964:
961:
958:
955:
954:
950:
948:
946:
942:
932:
927:
924:
921:
919:(1935-1945?)
918:
915:
912:
909:
904:
899:
896:
891:
886:
883:
880:
877:
876:
871:
864:
862:
860:
856:
852:
848:
844:
836:
827:
822:
815:
810:
803:
798:
791:
786:
782:
775:
770:
766:
759:
754:
749:
743:
737:
733:1917 view of
729:
724:
717:
712:
705:
700:
693:
688:
686:
684:
680:
676:
672:
668:
664:
660:
655:
652:
646:
641:
640:Auguste Cadet
636:
634:
630:
626:
622:
618:
612:
607:
606:Auguste Cadet
603:
599:
594:
589:
585:
580:
575:
571:
566:
564:
559:
554:
549:
543:
538:
534:
530:
525:
523:
519:
515:
511:
507:
503:
499:
495:
494:Ksar el-Kebir
491:
487:
483:
479:
475:
471:
467:
463:
459:
455:
451:
447:
443:
439:
435:
430:
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421:
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410:
406:
402:
401:rue La Boétie
398:
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386:
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378:
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361:
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340:
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308:
304:
299:
297:
293:
289:
285:
277:
275:
273:
269:
265:
260:
258:
254:
250:
249:Bank of Spain
246:
242:
238:
234:
231:for Germany;
230:
226:
222:
218:
217:Creditanstalt
214:
210:
204:
202:
198:
194:
187:
182:
178:
173:
171:
170:Ernest Cassel
167:
163:
154:
147:
145:
143:
139:
135:
134:German Empire
131:
127:
123:
119:
110:
105:
103:
101:
96:
91:
87:
83:
79:
75:
71:
67:
58:
51:
47:
42:
35:
31:
26:
21:
1991:
1985:
1976:
1966:
1957:
1945:
1936:
1924:
1915:
1902:
1893:
1881:
1872:
1859:
1850:
1841:
1832:
1823:
1814:
1805:
1796:
1786:
1777:
1768:
1759:
1747:
1738:
1726:
1717:
1705:
1696:
1687:
1678:
1669:
1660:
1651:
1642:
1616:
1607:
1598:
1586:
1577:
1567:
1558:
1537:
1525:
1516:
1504:
1495:
1483:
1474:
1462:
1453:
1441:
1432:
1420:
1411:
1402:
1393:
1384:
1375:
1363:
1354:
1344:
1330:
1324:
1315:
1279:
1255:
1243:
1235:
1213:
1201:
1192:
1180:
1170:
1164:
1155:
1142:
1131:. Retrieved
1119:
1110:
1097:
1063:. Retrieved
1053:
1044:
1002:Ottoman Bank
979:
938:
935:(1955-1959)
917:Émile Moreau
911:Jules Cambon
840:
665:(1925), and
656:
651:Edmond Brion
637:
617:Edmond Brion
567:
558:Palais Zahia
553:Edmond Brion
526:
431:
405:quai d'Orsay
381:siège social
374:
355:Quai d'Orsay
351:
347:
339:Vichy France
332:
328:Émile Moreau
315:Hassani rial
307:legal tender
300:
281:
261:
247:for Russia;
227:for France;
205:
197:siège social
174:
159:
138:protectorate
114:
78:central bank
65:
63:
25:Palais Zahia
1815:Agadir 1960
1355:BNP Paribas
929: [
926:Henri Deroy
901: [
888: [
643: [
609: [
533:Petit Socco
423: [
412: [
311:World War I
184: [
2006:Categories
1937:Le Gaulois
1894:L'Africain
1133:2022-11-11
1023:References
837:Leadership
633:Mohammed V
518:Beni Ansar
514:Al Hoceima
442:Casablanca
345:in Paris.
111:Background
976:Influence
659:Marrakesh
486:Marrakesh
454:El Jadida
446:Essaouira
371:Buildings
367:in 1960.
179:Governor
166:Algeciras
1833:Delcampe
1760:Le Temps
1679:Delcampe
1661:PicClick
1538:Le Temps
1454:Le Temps
1394:Le Monde
1280:Le Temps
1214:Le Temps
1193:Le Temps
996:See also
661:(1922),
621:art deco
537:art deco
506:Oued Zem
294:and the
272:censeurs
148:Creation
1468:"Maroc"
1318:. 2022.
1065:7 March
683:TĂ©touan
663:Mazagan
498:TĂ©touan
482:Kenitra
472:in the
470:Larache
450:medinas
438:Tangier
201:Tangier
142:Morocco
106:History
52:in 1959
34:Tangier
1578:WagMag
1559:Agadir
1332:France
990:Tirana
986:Durrës
851:French
843:French
679:Meknes
671:Agadir
582:, now
522:Agadir
510:Asilah
502:Settat
496:) and
490:Meknes
468:, and
393:French
385:French
377:French
268:French
243:; the
193:French
70:French
30:medina
1954:(PDF)
1933:(PDF)
1912:(PDF)
1890:(PDF)
1869:(PDF)
1756:(PDF)
1735:(PDF)
1714:(PDF)
1639:(PDF)
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1492:(PDF)
1471:(PDF)
1450:(PDF)
1429:(PDF)
1372:(PDF)
1336:(PDF)
1312:(PDF)
1276:(PDF)
1252:(PDF)
1210:(PDF)
1189:(PDF)
1152:(PDF)
1102:(PDF)
933:]
905:]
892:]
745:(now
667:Oujda
647:]
613:]
545:(now
462:Rabat
458:Oujda
427:]
416:]
199:) in
188:]
140:over
46:Rabat
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1067:2014
677:and
649:and
623:and
615:and
466:Safi
64:The
1124:doi
675:Fez
478:Fez
456:),
274:).
32:of
2008::
1975:,
1956:.
1935:.
1914:,
1892:.
1871:,
1849:.
1831:.
1813:.
1795:.
1776:.
1758:.
1737:.
1716:.
1695:.
1677:.
1659:.
1641:.
1625:^
1615:.
1597:.
1576:.
1557:.
1546:^
1536:.
1515:.
1494:.
1473:.
1452:.
1431:.
1410:.
1392:.
1374:.
1353:.
1314:.
1288:^
1278:.
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1191:.
1154:.
1122:.
1118:.
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931:fr
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239:;
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1853:.
1835:.
1799:.
1780:.
1699:.
1681:.
1663:.
1601:.
1580:.
1561:.
1357:.
1158:.
1136:.
1126::
1069:.
68:(
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
