This article is about what is the currency of Morocco. The currency of Morocco is the Moroccan dirham (MAD), which is a closed currency that can only be exchanged within the country. You can get dirhams from exchange bureaus, banks, or ATMs, but watch out for fees and exchange rates.
What is the Currency of Morocco?
If you are planning to visit Morocco, you might be wondering what is the currency of this beautiful and diverse country. In this blog post, we will answer this question and give you some tips on how to exchange money and spend wisely in Morocco.
The official currency of Morocco is the Moroccan dirham (MAD). It is divided into 100 santim, but these coins are rarely used. The dirham is issued by the Bank Al-Maghrib, the central bank of Morocco. The currency code for the dirham is MAD, and the symbol is د.م.
The dirham is a closed currency, which means that it is illegal to bring it into or out of Morocco. You can only exchange money for dirhams within the country, at official exchange bureaus, banks, or ATMs. You cannot buy or sell dirhams outside of Morocco, so you will need to plan ahead and budget accordingly.
The exchange rate of the dirham fluctuates according to the market, but it is usually stable and does not vary significantly.
History of Moroccan Dirham
The word dirham derives from the Greek currency, the drachma. The Idrissid dirham, a silver coin, was minted in Morocco under the Idrisid dynasty from the 8th to 10th centuries. Before the introduction of a modern coinage in 1882. Morocco issued copper coins denominated in falus, silver coins denominated in dirham, and gold coins denominated in benduqi. From 1882. the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial. When most of Morocco became a French protectorate in 1912 it switched to the Moroccan franc. The dirham was reintroduced on 16 October 1960. It replaced the franc as the major unit of currency but, until 1974. the franc continued to circulate, with 1 dirham = 100 francs.
What is the Current Exchange Rate of MAD?
According to BitKan, a leading provider of currency information and services, the current exchange rate of Moroccan dirham as of August 18. 2023 is:
1 USD = 9.9623 MAD
1 MAD = 0.1003 USD
This means that one US dollar is worth about 10 Moroccan dirhams, and one Moroccan dirham is worth about 0.10 US dollars. These rates are based on the mid-market rate, which is the average of the buy and sell rates of global currency markets. The actual rates may vary depending on the service provider, the transaction type, and the market conditions.
The exchange rate of Moroccan dirham can change over time due to various factors, such as inflation, interest rates, trade balance, political stability, and supply and demand.
Bottom Line
In this article, we have discussed what is the currency of Morocco. You can use BitKan online currency converter to check the latest rates before your trip.
