Monetary Policy
The French minted coinage for use in the Protectorate from 1921 until 1956, which continued to circulate until a new currency was introduced. The French minted coins with denomination of francs, which were divided into 100 centimes. This was replaced in 1960 with the reintroduction of the dirham, Morocco's current currency.
The Algeciras conference gave concessions to the European bankers, ranging from a newly-formed State Bank of Morocco, to issuing banknotes backed by gold, with a 40-year term. The new state bank was to act as Morocco's Central Bank, but with a strict cap on the spending of the Sherifian Empire, with administrators appointed by the national banks that guaranteed the loans: the German Empire, United Kingdom, France and Spain.
Read more about this topic: French Protectorate Of Morocco
Famous quotes containing the words monetary and/or policy:
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“The politician being interviewed clearly takes a great deal of trouble to imagine an ending to his sentence: and if he stopped short? His entire policy would be jeopardized!”
—Roland Barthes (1915–1980)