Marocco: the Modern City Casablanca

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National name of Morocco or Maghrib is known as al-Mamlaka al-Maghrebia (المملكة المغربية) which means 'Western Kingdom’’. The land area of Morocco was 172,317 square mile equal to 446,301 square kilometres and the total area of this country was 172,413 square mile equal to 446,550 square kilometres. The capital of the Morocco at 2017 est. is known as Rabat that was equal to 1.967 million. The biggest cities of Morocco is called as Casablanca equal to 3,397,000, besides that the Fez equal to 941,800 and the Marrakech equal to 755,200.

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Geography in Morocco is lies crossways the Strait of Gibraltar on the Mediterranean and all about one-tenth larger than California and looks out on the Atlantic from the northwest of Africa. Algeria is to the east and Mauritania to the south. On the Atlantic coast there is a fertile plain. The Mediterranean coast is mountainous. The Atlas Mountains average 11,000 feet equal to 3,353 m was northeast ward from the south to the Algerian frontier in elevation. Morocco also known as 'a cold country with a hot sun' because the mild semitropical climate it was separated by mountain ranges from a desert climate to the east and south on the northern and western coastal areas. Most societies live west of the mountain is protected them from the Sahara Desert. In the south the population is concentrated in scattered oases along the Draa and Souss Canals. The Ghab in between Morocco's western coast and the mountains was lies in wide plain. The Ghab which is produces most of the country's agricultural products. The High Atlas, the Central Atlas, and the Anti-Atlas mountain ranges cross over the nation from northeast to southwest.

The Ruler of the Morocco is known as King Muhammed VI and the Prime Minister is known as Saadeddine Othmani in year 2017. The populations of Morocco at 2017 est. is 33,986,655 which is the growth percentage was 0.97%. The birth percentage was 17.7 over 1000 birth, the new-born humanity rate was 21.9 over 1000 percent and 77.1 was their life expectancy. The density of Morocco is equal to 76 per square kilometres. In Morocco, the monetary unit was use in dirham. The languages in Morocco officially practice are Arabic and Berber dialects.

Beside that French language was often used for business, government, and diplomacy. 99.1% of Morocco ethnicity or race was Arab-Berber, Jewish was 0.2% and other race was 0.7%. The religious in Morocco officially is Islam it was 99% and 1% was Christian. In 30 July every year was the state day known as authority day in Morocco. Morocco Government more to constitutional monarchy. The King is considered to be both the spiritual and temporal leader of the country. Since July 1999, King Mohammed VI allows the name 'Commander of the Faithful' that was the son of King Hassan II who has governed Morocco for 38 years earlier to his death. Since the 17th century the latest in the mark of the Alaouite Empire that has governed Morocco constantly. The Alaouite monarchs trace their succession to the prophet Mohammed.

Food is very important in Morocco. People in Morocco really proud of Moroccan cuisine because it was usually blending and combining with various kinds of vegetables, fruits and meat or seafood with spices and condiments. 'Couscous,' is one of the national dish with a staple made of semolina and served with chicken, lamb, or beef and numerous vegetables. Another old-style Moroccan dish known as 'tajine,' with a spicy stew with as many variations as there are cooks. Roasted lamb (mechoui), flaky pigeon pie (pastilla), and a hearty soup (harira) of chick peas, meat and vegetables was the Moroccan delicacies food. Green tea with the fresh mint and sugar was the national drink in Morocco.

Based on the Moroccon past, since the second millennium B.C knows as the home of the Berbers. Morocco was combined by Rome as part of the region of Mauritania till in the 5th century the Thugs invaded this percentage of the decreasing empire in A.D. 46. Since 685 the Arabs annexed and bringing Islam. In year 711, The Berbers combined in attacking Spain, but then they revolted against the Arabs because hating their secondary status. In 1086, Berbers took control of big areas of Moorish Spain until they were disqualified in the 13th century. The land was usually governed by small tribal states and was rarely united. The battles between Berbers and Arabs were chronic. Portugal and Spain began invading Morocco, which aided to unite the land in defend. Morocco came under the control of the Alawite dynasty in 1660 rules Morocco to this day that under a Sherif dynasty descended from the prophet Muhammad.

Rabat is the centre city of Morocco. Rabat is about 280 feet above sea level on the Atlantic coast of northern Africa. The Bou RegregIt rests on a deceive overlooking a minor river. Its sister city it name is Sale lies on the north side of the river reverse the Rabat. Rabat is the country's biggest city, primary harbour, and industrial centre and was placed 172 miles south of Tangier, the entry to Europe, and 60 miles north of Casablanca. Rabat has two main seasons which is separated by brief transitional short seasons there are rainy winter and a long and dry summer. Rabat's weather is better than that of Washington, D.C.

Casablanca is the most important country’s economic, financial, industrial, demographic centre and the seaport which the population about 6 million. The modern city of Casablanca was called Anfa originates from the ancient Berber hamlet. In the first half of the 20th century the present city center was basically built during the French Protectorate, while since independence in 1956 extensive outlying areas have been constructed. The Hassan II Mosque is the most visible new landmark on the Casablanca skyline was located on a promontory overlooking the Atlantic with its 200-meter-high minaret towering above the city. Plan of these places was include building a conference center, library and other buildings to house businesses in this redeveloped area of the town. Besides, these magnificent building took 13 years to complete with several thousand artisans working on it around the clock.

The state religion in Morocco was Islam. Islam was an important part of daily life and profoundly that influenced all the manners and personal conduct. The official and principal language was Arabic however Moroccan Arabic is distinctive with some differences in pronunciation and vocabulary from classical Arabic. French dominates as a second language and much of the country's business is conducted in French. In the north, Spanish is commonly understood and spoken. In rural areas, any one of the three Berber vernaculars that are not mutually understandable may be used. Many Berbers speak Arabic as well as their own dialect of the Berber language. English is not commonly spoken in Morocco, although in recent years increasing attention is being given to learning it. Among teen Moroccans, English is the language most societies study, after Arabic and French.

The Background Central Bank of Morocco

The central bank of the Nation of Morocco was called as The Bank Al-Maghrib; BAM. In 1959 it was found as the descendant to the 'Banque d'Etat du Maroc' (est. 1906). Bank Al-Maghrib held investments of foreign currency with a predictable worth of US$36 billion in 2008. The Bank Al-Maghrib; BAM also exchange manage besides of achieves a number of private banks providing commercial finance services. The bank has a centre of operations in Casablanca and organizations in 18 additional capitals in Morocco. Abdellatif Jovahri is the present governor.

The bank active in encouraging financial attachment strategy is a member of the Cooperation for Financial Inclusion. The building of Bank Al-Maghrib headquarters is listed in the UNESCO world heritage. In 1959, Bank Al Maghrib was founded and is headquartered in Rabat, Morocco. One of the government organization is that manages currency and formulates the monetary policy in Morocco. It also offers such as commercial banking, financial advisory, and risk management services.

On 1959 June 30, the central bank of Morocco the Bank Al-Maghrib; BAM was formed as a public legal entity capable with financial freedom by advantage of the Declaration No 1-59-233. On February 20 2006, the actions as well as its administrative, organization and control procedures have been modified by virtue of Law No. 76-03 known as The Bank’s object. The bearing Statutes of Bank Al-Maghrib, which move in into energy as well as by advantage of the texts for its implementation was amended.

Since 2004, Bank Al-Maghrib has adopted an integrated participatory process of strategic planning inspired from international standards. It allowing the strength its authority framework and set priorities for the future. The current strategic plan covers the period 2016-2018 with it is structured around four fundamental pillars which are governance, transparency, efficiency and agreement, which constitute the guiding framework for all employees in the performance of the Bank’s core functions.

Its vision is to make the bank a performing central bank and a force for change supporting the country’s emergence. There have two priorities, the first priority is to strengthen capabilities in order to adapt to changes in the general economy and enhance financial system resilience. The second is to rationalize the use of properties in a modern working situation enabling collective routine.

In 1987, Morocco established its own national banknote printing known as Dar As-Sikkah. On March 5th 1987, Dar As-Sikkah was invested by His Majesty Late King Hassan II and making Bank Al-Maghrib part of the important circle of central banks having their own currency manufacturing facility. In addition Dar As-Sikkah was entrusted with the creation of the general passport besides to printing banknotes and minting coins. Morocco has unique skill and its vast experience in the field of security printing enabled to become a privileged partner of many ministries and public institutions that used its services for manufacturing their security documents. Dar As-Sikkah portfolio contains a wide range of security documents including visa stickers, stamps and check books as well as many

The Bank al-Maghrib one of Morocco central bank and is productions a well-known part in the country’s banking system. The functions of the the Bank al-Maghrib is to issues the Moroccan dirham, maintains Morocco’s foreign currency investments, controls the credit supply, oversees the government’s specific lending organizations, and regulates the commercial banking industry. Casablanca Stock Exchange has encouraged activity on the Privatization. One of the stocks is Bourse de Casablanca that was created in 1929 and it was one of the oldest exchanges in Africa.

The exchange rate system more flexible by widening the daily variation band in which the dirham is allowed to trade against main currency that was made by The Central Bank of Morocco. On January 12 the central bank in a statement published it their website that the central bank the band had been 0.3% previously was named “Bank Al-Maghrib sets the central price of the dirham against the US dollar and the limit prices of the band of fluctuation correspond to the central rate deviates by 2.5% on both sides.

The governing and administration organizations of the Bank Al-Maghrib’s governance is based on the administration and management organizations, composed of the Board, the Governor and many committees, including the Management Board. Besides, the Bank is supervised by three bodies: the Government Representative, the statutory auditor and the Court of Auditors

The Panel of The Bank al-Maghrib Chaired by the Governor, the Panel includes the Director General of the Bank, the Finance Ministry’s Director of Treasury and External Finance and six fellows appointed for their monetary, financial or economic expertise. The Board is mainly responsible for determining the objectives of monetary policy. To this end, it sets interest rates for the Bank’s operations and may require the constitution of required reserves.

Under Article 38 of the Statutes of Bank Al-Maghrib, the Bank Board is composed as follows The Governor of the Bank is the chairman. Next, the Director General of the Bank and the Director of Treasury and External Finance in the Ministry of Finance. Six members appointed by the Head of Government, including three on the proposal of the Governor, from persons known for their competence in the regulatory, financial or economic fields and exercising no elective office and no position of responsibility in banking or financial institutions or in community administration.

The Governor runs and manages the Bank. He particularly ensures the Bank’s compliance with statutory provisions and regulations as well as the implementation of the Board’s decisions. The Governor is assisted by a Director General who replaces him in case of absence or incapacity. The Director General acts under the authority of the Governor. He is appointed by decree on the proposal of the Governor, after seeking the opinion of the Board. The Management Committee assists the Governor in managing the Bank’s business. It is composed of the Governor, the Director General and directors chosen by the Governor.

Money and banking of Morocco

The currency of Morocco was use in the Dirham (MHD, Dh, or MAD) and is subdivided into 100 centimes. Moroccan Dirham was issued in banknotes in value of 20, 50, 100 and 200 Dirham and the coins in value of 1, 5, and 10 Dirham, and 5, 10, 20 and 50 centimes. The Dirham value was a restricted currency and was not generally available outside of the country although can now be purchased at some Bureau de Change overseas in generally at poor exchange rates.

Next, the current exchange rates of the Morocco. The Dirham exchange spot rate is set by the Moroccan Government and contrasts hourly because it often appears to track the Euro, which is mirrored by the interbank spot rate. Besides, the tourist purchase rate will be less than the spot rate. The main banks in Morocco are Banque Commercial du Maroc (BCM), Banque Marocaine du Commerce Exterieur (BMCE), Banque Marocaine du Commerce et de l'Industrie (BCMI) and Credit de Maroc (CDM). Banking hours are generally weekdays 8.15am to 3.45pm. They are reduced to 9am to 2pm in Ramadan and at hotter times of year that was usually 15th June - 15th Sept.

Some Euros and to a lesser level the US Dollars and British Pounds are commonly accepted in main hotels in Morocco, but otherwise Dirham are necessary the way to get the Moroccan Dirham. ATMs one of the fastest and easiest way to obtain currency because they accept most major card types. They can be found at many banks, give good amounts of exchange and will typically allow up to 2,000 Dirham per day (about £165 or 180 €).

Bureaux de Change can be establish in banks, larger hotels and at the airports and ports. They receive many currencies, including the Euro, US Dollar and British Pound and travellers are necessary to show their permits. BMCE and Credit du Maroc suggestion money advances on Visa and Mastercard, but may take up to an hour to comprehensive. Credit cards are commonly known in the main journey, but the extent of their receiving and the types recognized contrasts. You are guided to inform your pass supplier of your travel plans. Money changers are best evaded if they advanced in the street with appealing better rates.

Observation on the up quickly was helped to decide the earlier liquidity deficiencies and recent increases in macroeconomic basics because Morocco has a well-developed banking sector in Africa. Several of banks in the Morocco have become mains on the land and continue to enlarge their mark part of Morocco has some of largest banks in Africa. In this sector several firms of foreign banks that have several large homegrown associations with international paths.

On Morocco, Moroccan banks is include about half of the financial system total assets of 140 percent of GDP that was up from 111 percent in 2008 that was according to the IMF’s 2016 Financial System Stability Assessment. In morocco there have 19 banks was operating with the six offshore institutions. The top three accounts for over two-thirds of the bank system assets and deposits were among the 19 banks. The top six banks comprise 89 percent of the system’s assets that was including both on and off-balance sheet items. The common of shareholders in seven banks and nine finance companies were the Foreign that mainly of French-origin financial institutions. The financial system was combined assets of 10.5 percent of GDP also comprises several microcredit associations and financing companies.

Some law by The Bank Reform Law of 1993 said about the parameters for the banking activities, clarified oversight and control responsibilities, specified legal penalties for violations of banking procedures, and established a deposit guarantee fund. In this recent year the strength of the banking sector has grown suggestively. Credit is allocated freely and the central bank has used indirect methods to control the interest rate and volume of credit since of the financial liberalization. A t the start of 2017, Bank Al-Maghrib was approved five requests to open Islamic banks in the state. The significant opportunities remaining for firms pursuing rural and less affluent segments of the market the banking participation rate is

In the first quarter of 2017, the Moroccan administration plans to the main issues ever Islamic bond known as sukuk in the national market. Morocco’s parliament has yet to agree a bill changeable Islamic insurance known as takaful. In 2015, the incidence of non-performing loans in Morocco with the corporate default rate reaching 15 percent has increased in the past five years as a result of the economic slowdown in Europe. The proportion of debt that is overdue fell from 19.4 percent in 2004 to 6 percent in 2008 that was an improvement recognized to the loan joining process banks undertook before rising slightly to 7.2 percent in 2015.

Operating Banks in Morocco is related to European equivalents. The way to attracting the foreign and domestic investment with higher priority by the King Mohamed VI and the government. For making foreign investors on the same as to Moroccan firms the local financing was available to them. SWIFT was related with the most Moroccan banks with are international payment system allowing them quick finishing of foreign currency transfers world-wide. If required, banks will exile foreign companies’ earnings from Morocco, provided the original investment was registered with the foreign exchange office. Foreign currency and changeable Dirham accounts can be opened for non-residuals.

In morocco, debts are also offered but borrow is currently 50% of the decision price by an overseas buyer. The consumption can be paid in either Euros, US Dollars or Sterling. The contract will be administered into Dirhams when have transferred from a foreign account into a Moroccan bank. Generally debts are more expensive than British equivalents. Many Moroccan banks have cash point machines that can enabling to draw foreign currency. When someone have to open a bank account in one of Morocco's banks, it should compare commission rates for money transfer to and from Morocco because it can be different according to bank. In Morocco can only find a few employees that spoke English in most of the banks. So, the best chance is in the foreign exchange section of the bank. Morocco mostly was a cash economy but the use of debit and credit cards also increasing.  

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