Banque du Maroc was established in 1959 as Morocco's first post-independence central bank, replacing the Banque d'État du Maroc — an institution that had been under joint international control since the 1906 Act of Algeciras. This series followed almost immediately, with printing contracted to the Banque de France in Paris, an arrangement reflecting the technical dependency that newly independent states routinely inherited from their former administering powers.
Five distinct signature combinations appear across P#54, tracking a decade of personnel changes at the top of the institution. The pairing of Abdelkrim Lazrek with Prince Moulay Hassan Ben Medhdi El Alaovi is the rarest and most sought-after — the Prince serving briefly as a governor-level signatory before the bank's directorship stabilized under civilian technocrats.
Banque du Maroc was established in 1959 as Morocco's first post-independence central bank, replacing the Banque d'État du Maroc — an institution that had been under joint international control since the 1906 Act of Algeciras. This series followed almost immediately, with printing contracted to the Banque de France in Paris, an arrangement reflecting the technical dependency that newly independent states routinely inherited from their former administering powers.
Five distinct signature combinations appear across P#54, tracking a decade of personnel changes at the top of the institution. The pairing of Abdelkrim Lazrek with Prince Moulay Hassan Ben Medhdi El Alaovi is the rarest and most sought-after — the Prince serving briefly as a governor-level signatory before the bank's directorship stabilized under civilian technocrats.