Throughout history, different currencies have been used in Morocco. In this article, we give you information and information of interest about the dirham, the official currency. In addition, we inform you about its value compared to other currencies.
Below you have an index with all the points that we are going to deal with in this article.
The official currency of Morocco is the dirham. Its ISO code is MAD, although the abbreviation is also often used dh. However, before this currency, there were several that were in this country.
Before 1882, in Morocco we found copper (falus), silver (dirham) and gold (benduqi) coins. It is in this year that a modern monetary system is adopted.
From then until 1921, the official currency of Morocco was the rial, which was divided into 10 dirhams. However, with the arrival of the Spanish and French protectorates it was replaced by the peseta and the Moroccan franc.
After this stage, in 1960 the dirham was named as the country's official currency, although the Moroccan franc was in circulation until 1974. Over the years, some models have disappeared, such as the 5 and 10 dirham banknotes printed in 1965 .
In 1974, the 1, 5, 10, 20 and 50 cent coins were introduced (one hundred cents equals one dirham). As we can see in this image, a large part of the coins featured the bust of Hasan II, former king of Morocco:
In 2002 a new series of coins was minted in which the image of the current king already appeared: Mohammed VI. Also, in 2011 new designs were reissued.
Today, we find coins of 1, 5, 10 and 20 cents, and 1/2, 1, 2, 5, and 10 dirhams. As for the banknotes, there are 20, 50, 100 and 200 dirhams and, although those with the image of Hasan II are disappearing, they are still legal tender.
In 2012, a commemorative model of 25 dirhams was designed to celebrate the XNUMXth anniversary of the country's banknote issue. It is the first banknote in the world for which the Durasafe, a new material, was used.
This is the equivalence of the Moroccan dirham with other outstanding currencies of Europe and America:
- MAD 1,00 = € 0,09 (EUR)
- 1,00 MAD = 1,56 Argentine pesos (ARS)
- MAD 1,00 = US $ 0,10 (USD)
- 1,00 MAD = 295,96 Colombian pesos (COP)
- 1,00 MAD = 1,90 Mexican pesos (MXN)
- MAD 1,00 = 0,33 peruvian soles (PEN)
- 1,00 MAD = 67,72 Chilean pesos (CLP)
- MAD 1,00 = 0,74 Guatemalan quetzals (GTQ)
- MAD 1,00 = 0,08 pounds sterling (GBP)
- 1,00 MAD = 4,75 Dominican pesos (DOP)
If you are going to travel to Morocco and you want to know where to change money, you should know that in all large towns you will find banks where you can do it. You can also withdraw money at an ATM, or pay by card, although this last practice is not very widespread.
Also, in most establishments they allow you to pay with euros, but at a more unfavorable equivalent than the official one, since they usually exchange ten dirhams for one euro.
Although for other destinations it is recommended, in this case it is not advisable to exchange money before arriving in the country, since the export and import of money is prohibited.
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