22 Jan 2025
Morocco is a fascinating country recognized for its ancient history, diverse culture, and vibrant cities. To visit or to do business in Morocco, you must first learn about the country's currency system. The Moroccan dirham (MAD) is Morocco's official currency, and it’s essential to know how it works when traveling to this beautiful North African country. This article will explore five crucial facts about the Moroccan dirham and its role in Morocco’s economy and travel experience.
This information will be helpful if you want to exchange money, buy souvenirs, or learn more about the local economy. Let’s dive in and learn about Morocco's currency exchange rates, banknotes and coins in Morocco, and much more.
Before visiting Morocco, you should familiarize yourself with the Moroccan dirham (MAD). It is the sole legal currency in the country, and its value is inextricably related to its economy.
The Moroccan dirham (MAD) is divisible into 100 centimes and is used for most transactions in Morocco, including payments for goods, services, and necessities. Bank Al-Maghrib, the central bank, issues the currency with the sign “د.م.”
Unlike many currencies, the Moroccan currency is pegged to the euro, meaning its performance influences its value. This stabilizes the dirham's value, making it a reliable and stable currency for both locals and travelers. Understanding this can help you anticipate the impact of currency fluctuations and assist in predicting the Morocco exchange rate fluctuations.
What makes the dirham unique? Let's look at some fascinating facts about Morocco's money.
A developing country must deal with numerous challenges. That is one reason why when the modern dirham was first launched in 1960, the 100 and 50 dirham notes were overprints of the original franc banknotes. The 100 dirham note was printed over the 10,000 franc notes, while the new 50 note was printed over the 5,000 franc banknotes.
If you've ever seen or held a dirham banknote, you might have noticed that each one features a man, the king of the Kingdom of Morocco. Beginning in 1987, the notes featured King Hassan II. Since he died in 1999, a new note has been issued to honor his successor, Mohammed VI. This version is available from 2002 onward.
Plurals in Arabic work slightly differ from those in English. In English, people add an "s" at the end of a word to indicate multiples of that object. That is why an English speaker's first act is to convert foreign currency to dirhams.
However, in Arabic, certain words result in a "broken plural," which takes place when the middle sounds change. That is why dirham became darahim. Residents of tourist-friendly cities such as Casablanca, Tangier, and Marrakesh are familiar with the English and French forms of the word.
Morocco's monetary system was based on the Spanish coin system in the 18th century. This prompted alternate names for the dirham, such as "duro" and "real" for silver dirham coins. These words may still be used in Morocco's countryside marketplaces.
One dirham comprises one hundred santimat, or centimes if you speak French. Some locals still refer to five santimat as a "rial" and one santimat as a "franc. " This is probably because one dirham was worth 100 francs when the new currency came out in the 1960s. Only in 1974 did the franc give way to the santim as Morocco's currency's lower denomination.
Anyone arranging a vacation to Morocco needs to know how to exchange money there. To receive the best Morocco currency conversion rates, you must know the best practices at a bank, a local exchange bureau, or a hotel.
There are several options for foreign exchange in Morocco, including exchange offices, banks, and ATMs. Exchange offices are handy, and you're receiving a good bargain, so verifying their Morocco currency exchange rates is best. Since card payments might not always be accepted, always have a modest amount of local currency for unforeseen costs like snacks or cabs.
Although hotels and airports can offer currency exchange services, their exchange rates are typically lower than those of banks or exchange offices in the city. Comparing rates before purchasing is always good because Morocco's exchange rate fluctuations can affect your choice of exchanging money.
In contrast to certain other currencies within the region, the Moroccan dirham (MAD) is stable as was previously noted, it is based on the euro. This peg allows for better inflation control and guarantees that Morocco's economy is protected to some extent from fluctuations in the world’s economy.
Due to its currency peg to the euro, the dirham's value is frequently impacted by its fluctuations. For example, the Moroccan dirham usually appreciates when the euro appreciates compared to the dollar. This establishes a stable environment for companies and tourists who might convert euros to dirhams.
The Moroccan currency is especially beneficial for travelers from Europe, as this pegging reduces currency exchange risks while traveling. When you visit Morocco, you’ll find it easier to gauge the Moroccan dirham’s (MAD) value relative to your home currency, especially if you’re from a eurozone country.
When visiting Morocco, it’s essential to be aware of the Moroccan currency regulations, especially when bringing money in and out of the country.
According to Moroccan legislation, dirhams cannot be imported or exported outside Morocco. Although this may sound restricted, it's important to remember that once you're within the nation, you might convert foreign currencies like USD or EUR into dirhams with a currency converter in Morocco. Any receipts for money exchanged should be saved since they are needed for reconversion.
Dirhams can be used for most transactions while you're in Morocco. Most businesses in big towns like Casablanca, Marrakesh, and Rabat take cash, while bigger enterprises also accept credit cards. However, using dirhams effectively in Morocco involves having smaller changes on hand, especially when traveling to more rural areas.
Understanding Moroccan dirham (MAD) and the country’s currency regulations is essential for a smooth travel experience in Morocco. Whether you're planning to exchange money, shop, or simply explore the culture, knowing the fundamentals of Morocco's monetary tips and currency exchange will make your trip more enjoyable. Always stay updated with the latest Morocco currency exchange rates and plan to avoid unnecessary costs. Stay ahead of the game with ACE Money Transfer for fast and secure currency to make a money transfer, ensuring a seamless travel experience.
Moroccan dirham coins come in denominations of 1, 2, 5, and 10 dirhams and smaller centime coins.
Most hotels, eateries, and big-box retailers take credit cards, especially in Casablanca and Marrakech.
Always carry a mix of Moroccan dirham (MAD) coins and banknotes, as small changes might seem challenging. Avoid exchanging money at airports for the best rates.
Use reputable foreign exchange services in Morocco, such as the Moroccan banking system or well-known exchange offices. Be cautious of people offering rates outside of these institutions.
While some establishments in major cities may accept US dollars, it is best to convert them to Moroccan dirham (MAD) for everyday transactions.
