Algeciras Conference
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.