What is the currency of Morocco? The official currency in circulation and used in the Kingdom of Morocco is the Moroccan dirham, which can be abbreviated as (MAD), which is also the currency in the Western Sahara region.
What is the currency of Morocco?
The currency used by Morocco is called the Moroccan dirham, and the Moroccan dirham is divided into one hundred centimes and is denoted by MAD or DH, and one Moroccan dirham is equivalent to 0.109260 US dollars.
Bank Al-Maghrib, the central bank of Morocco, undertakes the task of issuing and maintaining Moroccan reserves of foreign currencies, as the Moroccan dirham has been officially adopted since 1882, and it is issued in the form of paper denominations of 4 denominations, and metal denominations of nine denominations.
History of the Moroccan dirham
Moroccans used silver, copper, and gold coins before 1882. These coins were classified under the dirham, the fils, and the penduki, but in 1882 the dirham was divided into the Moroccan riyal, where 50 mazoon equals 10 dirhams, and 10 dirhams equal 1 riyal. In a later period, most parts of Morocco were subjected to French control, Therefore, the currency changed to the Moroccan franc, and Morocco continued to use this currency until the sixteenth of October 1960 AD, after which the franc was replaced by the Moroccan dirham, and it is noteworthy that the franc was used until 1974 AD, In the same year, it was replaced by centimes.
Moroccan dirham denominations
The currency of the Moroccan dirham was issued in several denominations and designs, as follows:
Morocco used coins for the first time in 1960 AD, as it was silver coins with a value of one dirham, but then coins were minted in many denominations, including 1, 5, 10, 20 and 50 centimes, and in the period between 1960 AD -2011 AD, the country used different types of metals in the production of its coins, including copper, nickel, aluminium, and silver. Moroccans are currently trading coins represented in:
- Class (5) cents.
- A denomination of (10) cents.
- A category (20) cents.
- A denomination of (0.5) Moroccan dirham (MAD).
- A denomination of (1) Moroccan dirham.
- A denomination of (2) Moroccan dirham.
- A denomination of (5) Moroccan dirham.
- A denomination of (10) Moroccan dirham.
The first banknotes issued by Morocco were copies printed on banknotes in francs. In 1965, banknotes in denominations of 5, 10, and 50 dirhams were introduced, and in a later period banknotes in denominations of 100, 20, and 50 dirhams were issued. In 1980 and 1995, banknotes of 5 and 10 dirhams were converted into coins, The latest banknotes contain an image of the royal crown and King Mohammed VI, and the Moroccan door is located on the left side of the image. These images symbolize the importance of the Moroccan architectural heritage. The country is currently using banknotes represented in:
- The denomination of (20) MAD: It is found within the dimensions (130 x 70) mm, and tends to be purple.
- The denomination of (50) MAD: It is found within the dimensions (137 x 70) mm, and tends to be green.
- The denomination of (100) MAD: It is found within the dimensions (144 x 70) mm, and tends to be brown.
- The denomination of (200) MAD: It is found within the dimensions (151 x 70) mm, and tends to be blue.
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The Moroccan economy depends heavily on agricultural products, and its agricultural crops are wheat, citrus fruits, barley, olives, vegetables, and livestock. The country also has many natural resources, including phosphate, manganese, lead, iron ore, zinc, salt, and others.
It is noteworthy that there are many booming industries that are growing very quickly in this country, and perhaps the most important of them are the food processing industry, mining, phosphate rock, leather goods industry, textile industry, construction, and tourism. The country exports many materials to foreign countries, Such as fish, raw metals, inorganic chemicals, clothing, petroleum products, transistors, fertilizers, fruits and vegetables.