Editing French protectorate in Morocco (section)

==Monetary policy==
{{Main|Moroccan franc}}
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 [[franc]]s, which were divided into 100 [[centime]]s. This was replaced in 1960 with the reintroduction of the [[Moroccan dirham|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.<ref>{{Cite book|url=https://books.google.com/books?id=p_Je0O5a2xEC&pg=PA199|title=Theodore Roosevelt and World Order: Police Power in International Relations|last=Holmes|first=James R.|date=29 May 2017|publisher=Potomac Books, Inc.|isbn=9781574888836|pages=199|language=en}}</ref>