was returned from exile on 16 November 1955, and declared independence on 18 November 1955. In February 1956 he successfully negotiated with France to enforce the independence of Morocco, and in 1957 took the title of King. 1956 independence In late 1955, Muhammad V successfully negotiated the gradual restoration of Moroccan independence within a framework of French-Moroccan interdependence. The sultan agreed to institute reforms that would transform Morocco into a constitutional monarchy with a democratic form of government. In February 1956, Morocco acquired limited home rule. Further negotiations for full independence culminated in the French-Moroccan Agreement signed in Paris on 2 March 1956. On 7 April of that year France officially relinquished its protectorate in Morocco. The internationalized city of Tangier was reintegrated with the signing of the Tangier Protocol on 29 October 1956. The abolition of the Spanish protectorate and the recognition of Moroccan independence by Spain were negotiated separately and made final in the Joint Declaration of April 1956. Through these agreements with Spain in 1956 and 1958, Moroccan control over certain Spanish-ruled areas was restored, though attempts to claim other Spanish possessions through military action were less successful. In the months that followed independence, Muhammad V proceeded to build a modern governmental structure under a constitutional monarchy in which the sultan would exercise an active political role. He acted cautiously, having no intention of permitting more radical elements in the nationalist movement to overthrow the established order. He was also intent on preventing the Istiqlal Party from consolidating its control and establishing a one-party state. In August 1957, Muhammad V assumed the title of king. Monetary policy 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 francs, which were divided into 100 centimes. This was replaced in 1960 with the reintroduction of the 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. Repression Hubert Lyautey established the Native Policy Council (),