Moroccan Dirham News: A Comprehensive Guide

The Moroccan Dirham is the official currency of Morocco, and it's essential to stay up-to-date on the latest news and developments.

The exchange rate between the Dirham and other major currencies can fluctuate significantly, with the Dirham often trading at a fixed rate of around 10-11 Dirhams per US dollar.

To give you a better idea, let's take a look at the current exchange rates. For instance, as of 2022, 1 USD was equivalent to approximately 10.5 MAD.

Understanding the exchange rate is crucial for travelers, expats, and anyone involved in international transactions.

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The Moroccan dirham has a rich history that dates back to the 8th century, when the Idrissid dirham, a silver coin, was minted in Morocco.

The dirham's origins come from the Greek currency, the drachma, and its name is derived from the Greek word "drachma".

In Morocco, the dirham was initially a subdivision of the Moroccan rial, with 500 Mazunas equaling 10 dirham.

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The dirham was reintroduced in 1960, replacing the French franc as the major unit of currency, and it replaced the franc at a rate of 1 dirham to 100 francs.

The dirham has undergone many changes over the centuries, from being used in conjunction with copper and gold coins to being introduced as a modern coinage in 1882.

On November 24, 2023, Bank Al-Maghrib unveiled a new series of banknotes and coins, including a 100 dirham banknote, marking a significant development in the dirham's history.

The dirham's evolution is a testament to Morocco's complex history of conquest, trade, and cultural exchange, which has shaped the country's currency over time.

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The Moroccan dirham is the official currency of Morocco, and understanding its basics can make a big difference in your travels. The currency code is MAD, and it's often abbreviated as DH.

You can exchange your EUR, GBP, or USD into MAD anytime, but be sure to check the current exchange rate to get the best price. The exchange rate can fluctuate due to various factors, including government stability and the state of the national economy.

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If you're planning to exchange your currency at a foreign currency exchange agency or the airport counter, you'll have two options. However, the easiest way to get travel money in Morocco is to use an ATM to convert your money.

The Moroccan dirham has a range of denominations, including coins and banknotes. You can find coins in 1, 2, 5, and 10 denominations, and banknotes in 10, 20, 50, 100, and 200 denominations. The currency also has sentimat/centimes, which come in 5, 10, 20, and 50 denominations.

Here are the coin and banknote denominations of the Moroccan dirham in a handy table:

Remember to break 100 and 200 DM notes when you can, as vendors prefer small notes like the 5, 10, and 20 DM.

The Moroccan dirham has a wide range of banknotes and coins in circulation. The smallest unit of currency is the santim, with denominations ranging from 1 to 50 santimat.

You can exchange your money for dirhams at foreign currency exchange agencies or use an ATM to convert your currency. Be aware that ATM fees can be less than those at a currency exchange office.

Here are the denominations of the Moroccan dirham coins:

The Moroccan dirham is a closed currency, which means you can’t buy it freely outside the country. If you're visiting Morocco, you should only exchange the amount you think you'll need and spend all of it while in the country.

Popular denominations used in Morocco include the rial, equivalent to 5 santimat, and the franc, equivalent to 1 santim. The rial is used when speaking in Arabic, while centime is used when speaking in French.

The Moroccan dirham is also accepted in trade markets in Ceuta, although the euro is the sole legal tender there. You can exchange your U.K. pounds, euros, or USD to MAD in Morocco at foreign currency exchange agencies or the airport counter.

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To get travel money in Morocco, it's easiest to use an ATM to convert your currency. ATM fees are usually less than those at a currency exchange office. Be sure to check with your bank to find out about their out-of-network or international ATM fees before you travel.

Here are some tips for using Morocco's currency:

Coins have been an integral part of Morocco's currency since 1960, with the introduction of silver 1 dirham coins. These coins were followed by nickel 1 dirham and silver 5 dirham coins in 1965.

The 1 dirham coin has undergone several changes, with new cupro-nickel 5 dirham coins added in 1980 and changed to a bi-metal coin in 1987. The bi-metal coins bear two year designations for the issue date—1987 in the Gregorian calendar and the 1407 in the Islamic calendar.

In 2002, cupro-nickel 2 dirham coins were introduced, and in 2012, a new series of coins was issued, featuring the 5 and 10 dirham coin with a latent image as a security feature.

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Here's a breakdown of the 2012 dirham coins:

In 2023, a new series of coins was issued for circulation in Morocco, with the same denominations as the 2012 series.

The dirham banknotes of Morocco have an interesting history. The current king of the Kingdom of Morocco appears on each dirham banknote, with King Hassan II featured from 1987 until his passing in 1999, and his successor Mohammed VI appearing on notes from 2002 onward.

The first dirham notes were actually printed over old francs in 1960. The 100 and 50 dirham notes were overprints on the original franc banknotes, with the 100 dirham note printed over the 10,000 franc notes and the 50 dirham note over the 5,000 franc banknotes.

In 2002, Bank Al-Maghrib issued new 100 DH notes and coins, marking a significant change in the country's currency. This move was likely aimed at updating the design and security features of the dirham.

The dirham is the official currency of Morocco, and it's used throughout the country. You can find dirham banknotes in various denominations, including 20, 50, 100, and 200 dirhams.

Bank Al-Maghrib regularly issues new banknotes and coins to keep up with the country's economic needs. They've introduced commemorative notes and coins in the past, such as the 50-dirham commemorative note printed on Durasafe substrate in 2013.

Here are some key details about the dirham banknotes of Morocco:

You can't buy Moroccan dirham freely outside the country, so it's best to exchange only what you think you'll need.

Morocco's currency is a closed currency, which means you can't buy it freely outside the country. This is why it's a good idea to exchange only what you think you'll need and spend it all while in Morocco.

You'll need cash for marketplaces, small shops, emergencies, and locations outside the major cities. Credit cards are accepted at most mid-to-large hotels, luxury restaurants, and malls.

The easiest way to get travel money in Morocco is to use an ATM to convert your British pounds, euros, or US dollars to Moroccan dirham. This is often cheaper than using a currency exchange office.

To get the best exchange rate, check the current exchange rate before exchanging your money. Many factors affect currency exchange rates, including government stability and the state of the national economy.

Here are some tips for using Moroccan dirham:

The Moroccan dirham has been on a downward trend against the US dollar since May 2021, with the USD/MAD exchange rate ending 2021 around 9.25.

The dirham's decline accelerated in 2022, reaching the 11 mark in late September and trading around that level until 3 November, due to the US dollar's gains in response to the US Federal Reserve's interest rate hikes.

In 2023, the Moroccan dirham is expected to continue its downward trend, with Fitch Solutions analysts forecasting it to average MAD10.48/USD, marking a depreciation of 2.5% year-over-year.

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Fitch Solutions also expected that Morocco will need to seek financing from the International Monetary Fund (IMF) in 2023, as its foreign exchange reserves have dropped below five months of import cover for the first time in nine years.

The IMF added that it expected FX reserves to come under more pressure throughout the first half of 2023, leading to a decrease in Morocco's import cover from 4.9 months in 2022 to 4.8 months in 2023.

The Moroccan dirham's decline against the euro has been less pronounced, with the EUR/MAD pair fluctuating widely in the past year, from around 10.40 in late November 2021 to 11.14 on 1 December.

However, analysts at Trading Economics expect the dirham to remain relatively stable against the euro over the next year, trading at 11.0651 by the end of this quarter and at 10.9325 in one year.

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