The Moroccan dirham (, ;

sign A sign is an object, quality, event, or entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign bears a causal relation to its object—for instance, thunder is a sign of storm, or me ...

: DH; code: MAD) is the official monetary

currency A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific envi ...

Morocco Morocco, officially the Kingdom of Morocco, is a country in the Maghreb region of North Africa. It has coastlines on the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to Algeria–Morocc ...

. It is issued by the Bank Al-Maghrib, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

of Morocco. One Moroccan dirham is subdivided into 100 ''santimat'' (singular: santim; ). The exchange rate of the Moroccan dirham is determined within a band of fluctuation of ± 5 percent compared to a central rate established by the central bank of Morocco on the basis of a currency basket composed of the

euro The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the ...

and

United States dollar The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

by up to 60% and 40% respectively.

History

The word ''

dirham The dirham, dirhem or drahm is a unit of currency and of mass. It is the name of the currencies of Moroccan dirham, Morocco, the United Arab Emirates dirham, United Arab Emirates and Armenian dram, Armenia, and is the name of a currency subdivisi ...

'' derives from the Greek currency, the ''

drachma Drachma may refer to: * Ancient drachma, an ancient Greek currency * Modern drachma The drachma ( ) was the official currency of modern Greece from 1832 until the launch of the euro in 2001. First modern drachma The drachma was reintroduce ...

''. The Idrissid dirham, a silver coin, was minted in Morocco under the

Idrisid dynasty The Idrisid dynasty or Idrisids ( ') were an Arabs, Arab Muslims, Muslim dynasty from 788 to 974, ruling most of present-day Morocco and parts of present-day western Algeria. Named after the founder, Idris I of Morocco, Idris I, the Idrisids were ...

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 The rial was the currency of Morocco between 1880 and 1921. It was subdivided into 10 ''Moroccan dirham, dirham'', each of 50 ''mazunas''. History The rial was introduced when Morocco adopted a modern style coinage in 1882. It replaced a system con ...

, with 500 Mazunas = 10 dirham = 1 rial. When most of Morocco became a French protectorate in 1912 it switched to the

Moroccan franc The franc () was the currency of French Morocco from 1921. It became the currency of all Morocco in 1957 and circulated until 1974. It was divided into 100 centimes (Arabic: سنتيم). History Before the first World War, the Moroccan rial was w ...

. The dirham was reintroduced on 16 October 1960. It replaced the

franc The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (King of the Franks) used on early French coins and until the 18th century ...

as the major unit of currency but, until 1974, the franc continued to circulate, with 1 dirham = 100 francs. In 1974, the centime replaced the franc. On 24 November 2023, along with a wide variety of coinage, Bank Al-Maghrib unveiled a new series of banknotes and coins, which included a 100 dirham banknote.

Coins

In 1960, silver 1 dirham coins were introduced. These were followed by nickel 1 dirham and silver 5 dirham coins in 1965. In 1974, with the introduction of the santim, a new coinage was introduced in denominations of 1, 5, 10, 20 and 50 santimat and the 1 and 5 dirham coins. The 1 santim coins were aluminium, the 5 up to 20 santimat were minted in brass, with the highest three denominations in cupro-nickel. New cupro-nickel 5 dirham coins were added in 1980 and changed to a bi-metal coin in 1987. The bi-metal coins bear two year designations for the issue date—1987 in the

Gregorian calendar The Gregorian calendar is the calendar used in most parts of the world. It went into effect in October 1582 following the papal bull issued by Pope Gregory XIII, which introduced it as a modification of, and replacement for, the Julian cale ...

and the 1407 in the

Islamic calendar The Hijri calendar (), also known in English as the Islamic calendar, is a lunar calendar consisting of 12 lunar months in a year of 354 or 355 days. It is used to determine the proper days of Islamic holidays and rituals, such as the Ramad ...

. The 1 santim was only minted until 1987 when new designs were introduced, with a dirham replacing the 50 santimat without changing the size or composition. The new 5 dirham coin was bimetallic, as was the 10 dirham coin introduced in 1995. Cupro-nickel 2 dirham coins were introduced in 2002. In 2012, a new series of coins has been issued, with the 5 and 10 dirham coin utilizing a latent image as a security feature. In 2023, a new series of coins were issued for circulation in Morocco, with the same denominations issued.

Banknotes

The first notes denominated in dirham were overprints on earlier franc notes, in denominations of 50 dirhams (on 5,000 francs) and 100 dirhams (on 10,000 francs). In 1965, new notes were issued for 5, 10 and 50 dirhams. 100 dirham notes were introduced in 1970, followed by 200 dirham notes in 1991 and 20 dirham notes in 1996. 5 dirham notes were replaced by coins in 1980, with the same happening to 10 dirham notes in 1995. In mid-October 2009, Bank Al-Maghrib issued four million 50-dirham banknotes to commemorate the bank's 50th anniversary. The commemorative note measures 147 × 70 mm and features the portraits of Kings Mohammed VI, Hassan II, and Mohammed V. The back of the notes features the headquarters of Bank Al-Maghrib in Rabat. The speech delivered in 1959 by Mohammed V at the opening of Bank Al-Maghrib is microprinted on the back. In December 2012, Bank Al-Maghrib issued a 25-dirham banknote to commemorate the 25th anniversary of banknote production at the Moroccan State Printing Works, Dar As-Sikkah. It is the first banknote in the world to be printed on Durasafe, a paper-polymer-paper composite substrate produced by Landqart AG. The front of the commemorative note features an intaglio vignette and a watermark of King Mohammed VI, and a magenta-green color shift security thread. The thread, like the watermark, is embedded inside the banknote yet visible behind a one-sided Viewsafe polymer window. It also has a fully transparent polymer window embossed with the King's royal crest. The back of the note carries a print vignette commemorating 25 years of banknote printing at the Moroccan State Printing Works, Dar As-Sikkah. The windows in Durasafe are formed by die cutting each side of the three layer composite substrate separately. One-sided Viewsafe windows give a clear view inside the substrate where the thread and the watermark of King Mohammed VI are protected, but fully visible behind the polymer core. The transparent Thrusafe window is created by die-cutting both the outer paperlayers to reveal only the transparent polymer core. On August 15, 2013, Bank Al-Maghrib has announced a new series of banknotes. The notes feature a portrait of King Mohammed VI and the royal crown. Each of the notes show a Moroccan door to the left of the portrait, demonstrating the richness of the country's architectural heritage, and symbolizing the openness of the country. In 2019, Bank Al-Maghrib issued a 20-dirham banknote produced on polymer substrate to commemorate the 20th anniversary of the accession of Mohammed VI to the Moroccan throne.

Popular denominations and usage

Popular denominations are words widely used in Morocco to refer to different values of the currency; they are not considered official by the state. Those include the '' rial'' (), equivalent to 5 santimat, and the ''

'' , equivalent to 1 santim. Usually, when dealing with goods with a value lower than a dirham, it is common to use the rial or santim. For very high priced goods, such as cars, it is normal to refer to the price in santimat. However, rial is used when speaking in Arabic and ''centime'' when speaking in French. Though not used by the young generation, the denomination 1,000, 2,000, up to 100,000 francs will be used by people who lived during the French colonial period when referring to 10, 20 and 1,000 dirham. Likewise, the rial is also used for higher value goods than portions of the dirham, reaching 5,000 dhs (100,000 rial). This denomination is used in a

Moroccan Arabic Moroccan Arabic ( ), also known as Darija ( or ), is the dialectal, vernacular form or forms of Arabic spoken in Morocco. It is part of the Maghrebi Arabic dialect continuum and as such is mutually intelligible to some extent with Algerian ...

speaking context. The Moroccan dirham is also accepted in trade markets in

Ceuta Ceuta (, , ; ) is an Autonomous communities of Spain#Autonomous cities, autonomous city of Spain on the North African coast. Bordered by Morocco, it lies along the boundary between the Mediterranean Sea and the Atlantic Ocean. Ceuta is one of th ...

, although the

is the sole legal tender there.

Notes

References

* *

External links

* {{Authority control D Currencies of Africa Economic history of Morocco Fixed exchange rate 1882 introductions Currencies introduced in 1960 Currencies of Morocco Circulating currencies