The Moroccan dirham (MAD) is the official currency of Morocco. Here’s an overview of its key features:
Currency Details:
- Name: Moroccan dirham
- Abbreviation: MAD (Moroccan Arab Dirham)
- Symbol: DH or sometimes written as “د.م.” (the Arabic abbreviation)
- Subunits: 1 dirham is divided into 100 centimes.
- Banknotes: Common denominations include 20, 50, 100, and 200 dirhams.
- Coins: Common denominations include 1, 5, and 10 dirhams, as well as smaller denominations such as 0.5 and 1 centimes.
Banknotes and Coins:
- Banknotes:
- 20 Dirhams: Often features images related to Moroccan culture and history.
- 50 Dirhams: Includes security features and images of Moroccan landmarks.
- 100 Dirhams: Larger denomination with more complex security features.
- 200 Dirhams: The highest commonly used banknote, featuring significant historical and cultural imagery.
- Coins:
- 1 Dirham: Frequently used for smaller transactions.
- 5 Dirhams and 10 Dirhams: Often used for medium-sized transactions.
- Centimes: Smaller coins used for minor amounts.
Currency Usage:
- Domestic Transactions: The dirham is widely used for all types of transactions within Morocco, from everyday purchases to larger financial dealings.
- Currency Exchange: Travelers can exchange foreign currency for Moroccan dirhams at banks, exchange offices, and some hotels. It’s advisable to check exchange rates and fees when exchanging money.
Economic Role:
- Issuance: The dirham is issued by the Bank Al-Maghrib, Morocco’s central bank, which is responsible for regulating the currency and maintaining monetary stability.
The dirham is an integral part of Morocco’s economy, facilitating both domestic and international transactions.
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