Currency Rates for Moroccan Dirham
Bank Exchange Rates for Morocco - MAD - Moroccan Dirham - د.م.. The foreign exchange rates for Morocco also known as the ISO code MAD or the Moroccan Dirham currency and as a symbol د.م.
The foreign exchange rates for Morocco also known as the ISO code MAD or the Moroccan Dirham currency and as a symbol د.م.
v. Coins in denominations of 1, 5, 10 & 20 santimat, ½, 1, 2, 5 & 10 dirhams are available, though the 5 santimat coins are rarely used. Banknotes are available in denominations of 20, 50, 100 & 200 dirhams.
GBP to MAD
The Moroccan Dirham has been an unstable currency historically speaking. Firstly, it was introduced to originated in the Byzantine Empires drachm and was used in Arabia and the Levant as gold or silver coins until 1882, then it faced a major challenge during French colonialism of Morocco in 1921 to become A Moroccan Franc currency, the thing that still has influence in the Moroccan culture even after the Dirham being re-introduced in 1960 as the official currency as opposed to the Moroccan Franc ( 1 Dirham =100 Francs until 1974). The current challenge the currency is facing, or Morocco is facing as an unstable economy dependent on foreign investors and the private sector, is the government's decision to liberalize the Dirham in June, 2017.
The coins are in Santim which is the substitute currency, one Santim equals 1/100 Dirham, while the bills are in Dirham. The coins available are 5,10,20 Santimat, and 1/2, 1,2,5, 10 Dirham, whereas the bills available are 20, 50, 100 and 200 Dirham. There is a current debate on creating new bills up to 500 Dirham. In Addition to this official currency measurement, there are variables depending on the region, for instance in the Rif the Santim is called pesetas, or in different areas where it is called Rial, or Franc and the value embedded in it varies as well.
To go back to the decision of floating the Dirham, the debates surrounding this decision have a shared feeling of fear of putting the value of the Dirham dependent on the Market, whereas it was stable around 10Dirham = 1$, the decision follows a process of privatization of education and health sectors after pressure from both the International Monetary Fund and International Bank since 1990. To conclude, the value of Dirham will change drastically in the upcoming years according to specialists and economists, a decision for the former resembling the one Egypt is still suffering the consequences of including poverty and strikes.
Before 1882, Morocco used Falus, Dirham and Benduqi; these were copper, silver and gold, respectively. The Moroccan franc was introduced when Morocco was declared a French protectorate in 1912. In 1974, the dirham and Santime replaced the franc. Bank Exchange Rates for Moroccan Dirham. The foreign exchange rates for Morocco also known as the ISO code MAD. Send money transfer online with us with the cheapest options.