Moroccan Dirham (MAD)

What Is the Moroccan Dirham (MAD)?

The Moroccan dirham (MAD) is the official currency of Morocco. The Bank al-Maghrib, Morocco's central bank, controls the issue and circulation of the Moroccan dirham. One Moroccan dirham is subdivided into 100 centimes (or pennies). Every unit is called a santim.

As of August 30, 2021, $1 USD is equivalent to approximately nine MAD.

Understanding the Moroccan Dirham (MAD)

The word dirham is derived from the name of a historical Greek currency, called the drachma. Prior to 1882, Morocco issued copper coins (called falus), silver dirhams, and golden benduqui. In 1882, a system of modern coinage was presented in Morroco, which included the mazuna, the dirham, and the rial (500 mazunas = 10 dirhams = 1 rial). At the point when Morocco turned into a French protectorate in 1912, the national currency changed to the Moroccan franc. The dirham was afterwards once again introduced on Oct. 16, 1960.

The Moroccan dirham comes in both coin and banknote forms. The banknotes have denominations of 20, 50, 100, and 200 dirhams. The coins currently in circulation are 5, 10, and 20 centimes (coins), and 0.5, one, two, five, and 10 dirhams.

The current series of banknotes, issued in the rule of Mohammed VI, is in circulation alongside a series of banknotes issued in the rule of Mohammed VI's dad, King Hassan II. The current banknotes feature a picture of King Mohammed VI and the royal crown. The notes likewise include a picture of a Moroccan entryway, a sign of approval for the country's structural heritage.

In 1960, after the finish of the French protectorate, Morocco acquainted the dirham again with supplant francs (one dirham was equivalent to 100 francs). The main dirham banknotes were overprints on before franc banknotes.

Morocco's Economy

The King of Morocco, Mohammed VI, has legislative and leader command over monetary policy, as well as strict and foreign policies. He governs through a chosen parliament. Endeavors to depose the King have failed, and the country stays a constitutional government. Demonstrators, including some during the Arab Spring uprisings, keep on pushing for reform that will eventually diminish the power of the King.

Morocco, situated in Northwest Africa, is a noticeable regional power. As per information from the World Bank, Morocco experienced gross domestic product (GDP) growth of 3.1% in 2018 and 2.5% in 2019. In 2020, GDP growth was - 7.1%, generally due to the economic effects of the COVID-19 virus.

Much of the time Asked Questions

What Is the Exchange Rates for the U.S. Dollar to Moroccan Dirham?

As of August 30, 2021, one U.S. dollar equals around 8.96 Moroccan dirhams.

Where Can I Exchange Moroccan Dirham?

You can exchange your U.S. dollars to Moroccan dirham online, at an airport vendor, at a bank, and in many lodgings.

Where Can I Get Moroccan Dirham?

The Moroccan dirham must be bought once you show up in Morocco since it is a closed currency. You are simply permitted to get or take out 1,000 dirhams; the leftover currency must be exchanged.

What Is the Best Currency to Take to Morocco?

Euros, U.S. dollars, and British pounds are handily exchanged in Morocco. A few areas will acknowledge payment in euros on the off chance that you don't have Moroccan dirham. Nonetheless, you ought to expect less positive rates than what you can get at a bank.

Features

• The coins currently in circulation are 5, 10, and 20 centimes (coins), and 0.5, one, two, five, and 10 dirhams.
• The Moroccan dirham (MAD) is the official monetary currency of Morocco.
• The Moroccan dirham comes in both coin and banknote forms. The banknotes have denominations of 20, 50, 100, and 200 dirhams.
• One Moroccan dirham is subdivided into 100 centimes (or pennies).