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Moroccan Dirham (MAD) Profile

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Currency name: 
Currency code: 
Currency symbol: 

د.م.

Subunit: 
1/100, santim
Coins freq used: 
½ dirham, 1 dirham, 2 dirham, 5 dirham, 10 dirham, 10 santimat, 20 santimat
Coins rarely used: 
5 santimat
Banknotes freq used: 
20 dirham, 50 dirham, 100 dirham, 200 dirham
Banknotes rarely used: 
 
Central bank: 
Bank Al-Maghrib (www.bkam.ma)
Currency users: 
Currency notes: 

Moroccan dirham is also used in Western Sahara (Moroccan controlled area).

Currency user map: 

Moroccan dirham users

The Moroccan dirham is the currency of Morocco (officially the Kingdom of Morocco) which is a country locates at the westernmost of North Africa. The Moroccan dirham is also used in the Moroccan controlled area of Western Sahara which also uses currencies of Algerian dinar (DZD) and Mauritanian ouguiya (MRO) alongside. 

Morocco obtained its independence from France and Spain in 1956 as the “Kingdom of Morocco”.

Moroccan dirham history

The first dirham currency was used in Morocco back before 1882. It was replaced by Moroccan rial in 1882 at a rate of 50 Mazunas = 10 dirham = 1 rial. The Moroccan rial was replaced by Moroccan franc in 1921 among French Morocco area at a rate of 10 francs = 1 rial. In 1956, both the French Morocco and Spanish Morocco were independent and unified the Kingdom of Morocco (Morocco). The Moroccan franc replaced the Spanish peseta which used in Spanish Morocco at a rate of 1 peseta =10 francs and became the currency of Morocco in 1957. The Moroccan franc was equivalent with the French franc.

The currently in circulation dirham, Moroccan dirham (MAD) was reintroduced in 1960, replacing the Moroccan franc at a rate of 1 dirham =100 francs. However the Moroccan franc was still in circulation until 1974 and the franc was replaced as the subdivision of the dirham by the santim (1 dirham= 100 santimat= 100 francs).

Moroccan dirham coins and banknotes

The Moroccan dirham is subdivided into 100 santimat (singular: santim).

Currently in circulation coins are in denominations of 10, 20 santimat, ½, 1, 2, 5, 10 dirham, the banknotes are in denominations of 20, 50, 100, 200 dirham. The rarely used coins are 5-santimat.

Moroccan dirham and the French franc

The French franc was used among French colonies from nineteenth century until the late decades of twentieth century when after most countries were independent and issued their own currencies. The CFA franc was issued in 1945 pegging with the French franc until 1999.

Morocco used Moroccan franc from 1921 to 1974. It was equal in value to the French franc and replaced by Moroccan dirham in 1974 at 1 dirham = 100 francs.

African nations used French franc previously (exchange rate: February 26th, 2013)
Nations Currency name Code Independence from France 1 USD= Notes
Morocco Moroccan dirham MAD in 1956 8.52378 1. The dirham was used as subdivision the Moroccan rial, with 10 dirham = 1 rial, from 1882 to
1921. It was reintroduced in 1960 and replaced the Moroccan franc at 1 dirham = 100 francs in 1974.
2. Moroccan franc was used in Morocco from 1921 until 1974.
Algeria Algerian dinar DZD in 1962 78.9858 1. The Algerian dinar was introduced on 1 April 1964, replacing the Algerian new franc at par.
2. The Algerian franc was used from 1848, equivalent to the French franc initially. Following the French franc revaluation in 1960 (<see notes <1>), the Algerian franc was revalued accordingly at a rate of 100 old Algerian francs = 1 new Algerian franc.
Tunisia Tunisian dinar TND in 1956 1.5765 1. Tunisian dinar was created in 1958 and replaced the Tunisian franc at a rate of 1000 francs = 1 dinar.
2. Tunisian franc was used in Tunisia from 1891 to 1958 and was equivalent to the French franc.
Mauritania Mauritanian ouguiya MRO in 1960 294.249 The Mauritanian ouguiya was introduced in 1973, replacing the CFA franc at a rate of 1 MRO = 5 CFA francs.
Djibouti Djiboutian franc DJF in 1977 170.624 1. The French franc had been circulated in Djibouti since 1884 until 1949 when the independent Djiboutian franc was introduced pegging to the US dollar at a rate of 1 USD =214.392 DJF.
2. The Djiboutian franc was revalued in 1971 and 1973 and has been pegged with U.S. dollar at 1 USD= 177.721 DJF since then.
Guinea Guinean franc GNF in 1958 7036.69 1. The first Guinean franc was introduced in 1959 to replace the CFA franc but was replaced by syli at a rate of 1 syli = 10 francs in 1971.
2. The Guinean franc was reintroduced in 1985, at par with the syli.
Madagascar Malagasy ariary MGA in 1960 2199.96 1. The Malagasy ariary was introduced in 1961, equaled to 5 Malagasy francs. It replaced the Malagasy franc as the official currency January 1, 2005, replaced rate at 1 MGA =5 Malagasy francs.
2. The Malagasy franc was introduced on July 1, 1925, replaced by Madagascar-Comoros CFA franc in 1945. It was reintroduced on July 1, 1963, initially pegged to the French franc with the same value as the CFA franc (1 FRF = 50 MGF) but later devaluated and floated.
3. Madagascar left the CFA zone effective 1 July 1973.
Comoros Comoro franc KMF in 1975 376.983 1. Comoros started to use French franc since 1886.
2. The Madagascar-Comoros CFA franc was used from 1945 to 1960. It was initially fixed with old French franc at 1.7 but later was changed to 2 French francs and remained until 1979.
3. Comoro franc was created and pegged with new French franc (FRF) at 1 FRF=50 KMF since 1979 until 1994 when it's 1 FRF=75 KMF, currently being pegged with euro at 1EUR= 491.96775 KMF.
Mayotte Euro EUR France overseas region 0.76628 Mayotte is an integral part of France and the European Union.
Reunion Euro EUR France overseas region 0.76628 Reunion is an integral part of France and the European Union.

Notes:
<1>The French franc was revalued on January 1, 1960, with 100 old francs becoming 1 new franc.
<2>The French franc was replaced by euro at a fixed parity of 1 EUR=6.55957 FRF since January 1, 1999.