12th November 2014

Bank Al-Maghrib and Crane to form strategic banknote printing partnership for the international market

Rabat, November 12, 2014 – Crane Currency, a global producer of currency products, and Bank Al-Maghrib, the Central Bank of the Kingdom of Morocco, have established a strategic partnership in the field of banknotes manufacturing for the international market.

The agreement initiating this partnership was signed by Mr. Abdellatif Jouahri, Governor of Bank Al-Maghrib and Mr. Stephen P. DeFalco, CEO of Crane in the presence of Mr. Matthew Lussenhop, Deputy Chief of Mission, United States Embassy in Morocco. This partnership is beneficial for both. It will contribute to the global expansion of Crane’s currency activity based on the expertise, the production capability and the modern equipment of Dar As-Sikkah, the currency production unit of Bank Al-Maghrib.

“It is a privilege to partner with The Central Bank of Morocco to expand our capability to serve our global customers,” said Stephen P. DeFalco, CEO of Crane. “We look forward to working with this highly skilled, world- class facility.”

About Bank Al-Maghrib:

Bank Al-Maghrib, the central Bank of the Kingdom of Morocco, is a public legal entity that was established in 1959 to replace the former “State Bank of Morocco”. Bank Al-Maghrib has the privilege of issuing banknotes and coins that are legal tender in the Moroccan territory. For this purpose, Bank Al-Maghrib has an industrial facility in Dar As-Sikkah incorporating the state-of-the-art design and printing technologies for banknotes and secure documents. Currency issuance is one of the core missions of Bank Al-Maghrib.