What is Moroccan Dirham (MAD)?
Moroccan Dirham (MAD)
The Moroccan Dirham (MAD) is the standard monetary unit of Morocco, introduced in 1882 during the era of the French protectorate. The dirham has a rich history, reflecting the country's cultural and economic evolution. It is subdivided into 100 centimes, which are used for smaller transactions and to facilitate everyday purchases.
The currency features both coins and banknotes, with coins available in denominations of 1, 5, 10, 20, and 50 centimes, and 1, 2, 5, and 10 dirhams. Banknotes come in various denominations, including 20, 50, 100, and 200 dirhams. Each coin and note is designed with distinct motifs that depict significant aspects of Moroccan heritage, such as traditional symbols, historical figures, and architectural landmarks.
The dirham is known for its stability compared to other currencies in the region, thanks in part to the efforts of Bank Al-Maghrib, which implements monetary policies aimed at controlling inflation and ensuring economic growth. The exchange rate of the dirham is influenced by various factors, including foreign investments, tourism, and trade dynamics with other countries.
While the dirham is primarily used within Morocco, it is also accepted in some neighboring regions, particularly in areas with significant tourism. Currency exchange services are widely available, and travelers can easily convert their foreign currency into Moroccan dirhams at banks and exchange offices.
The Moroccan Dirham is not freely convertible on international markets, which means it cannot be exchanged outside of Morocco without restrictions. This controlled exchange system helps the Moroccan government manage its economy and protect the dirham's value. For those traveling to Morocco, understanding the dirham and its practical implications can enhance their experience and facilitate smoother transactions throughout their stay.