Moroccan Dirham (MAD) Profile

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 (MAD) Users

The Moroccan Dirham (MAD) is the currency of Morocco, officially known as the Kingdom of Morocco, located in the westernmost part of North Africa. The Moroccan Dirham is also used in the Moroccan-controlled area of Western Sahara, where it coexists with the currencies of Algerian Dinar (DZD) and Mauritanian Ouguiya (MRO).

Morocco gained its independence from France and Spain in 1956 and became the "Kingdom of Morocco."

Moroccan Dirham History

The first Dirham currency was used in Morocco before 1882. It was later replaced by the Moroccan Rial in 1882, with a conversion rate of 50 Mazunas = 10 Dirhams = 1 Rial. The Moroccan Rial was then replaced by the Moroccan Franc in 1921 in the area of French Morocco, at a rate of 10 Francs = 1 Rial. In 1956, after both French Morocco and Spanish Morocco gained independence, the Kingdom of Morocco was formed. The Moroccan Franc replaced the Spanish Peseta, which was used in Spanish Morocco, at a rate of 1 Peseta = 10 Francs, and became the official currency of Morocco in 1957. The Moroccan Franc was equivalent in value to the French Franc.

The currently circulating Dirham, the Moroccan Dirham (MAD), was reintroduced in 1960, replacing the Moroccan Franc at a rate of 1 Dirham = 100 Francs. However, the Moroccan Franc continued to be in circulation until 1974, when it was finally replaced by the Santim as the subdivision of the Dirham, with 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 available in denominations of 10, 20 Santimat, ½, 1, 2, 5, 10 Dirhams, and banknotes are available in denominations of 20, 50, 100, and 200 Dirhams. The rarely used coin is the 5 Santimat.

Moroccan Dirham and the French Franc

The French Franc was used among French colonies from the nineteenth century until the late decades of the twentieth century, after which most countries gained independence and issued their own currencies. The CFA Franc was issued in 1945, pegged to the French Franc until 1999.

Morocco used the Moroccan Franc from 1921 to 1974, and it was equal in value to the French Franc. It was replaced by the Moroccan Dirham in 1974 at a rate of 1 Dirham = 100 Francs.

African Nations that Previously Used the French Franc (exchange rate: February 26th, 2013)
Nations Currency Name Code Independence from France 1 USD= Notes
Morocco Moroccan Dirham MAD 1956 8.52378 1. The Dirham was used as the subdivision of the Moroccan Rial, with 10 Dirhams = 1 Rial, from 1882 to 1921. It was reintroduced in 1960 and replaced the Moroccan Franc at 1 Dirham = 100 Francs in 1974.
2. The Moroccan Franc was used in Morocco from 1921 until 1974.
Algeria Algerian Dinar DZD 1962 78.9858 1. The Algerian Dinar was introduced on April 1, 1964, replacing the Algerian New Franc at par.
2. The Algerian Franc was used from 1848 and was equivalent to the French Franc initially. Following the French Franc revaluation in 1960 (see note <1>), the Algerian Franc was revalued accordingly at a rate of 100 old Algerian Francs = 1 new Algerian Franc.
Tunisia Tunisian Dinar TND 1956 1.5765 1. The Tunisian Dinar was created in 1958 and replaced the Tunisian Franc at a rate of 1000 Francs = 1 Dinar.
2. The Tunisian Franc was used in Tunisia from 1891 to 1958 and was equivalent to the French Franc.
Mauritania Mauritanian Ouguiya MRO 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 1977 170.624 1. The French Franc had been circulated in Djibouti since 1884 until 1949 when the independent Djiboutian Franc was introduced, pegged 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 to the US Dollar at 1 USD = 177.721 DJF since then.
Guinea Guinean Franc GNF 1958 7036.69 1. The first Guinean Franc was introduced in 1959 to replace the CFA Franc but was later replaced by the 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 1960 2199.96 1. The Malagasy Ariary was introduced in 1961, equal to 5 Malagasy Francs. It replaced the Malagasy Franc as the official currency on January 1, 2005, with a conversion rate of 1 MGA = 5 Malagasy Francs.
2. The Malagasy Franc was introduced on July 1, 1925, replaced by the 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 devalued and floated.
3. Madagascar left the CFA zone effective on July 1, 1973.
Comoros Comoro Franc KMF 1975 376.983 1. Comoros started to use the French Franc since 1886.
2. The Madagascar-Comoros CFA Franc was used from 1945 to 1960. Initially fixed with the old French Franc at 1.7, it was later changed to 2 French Francs and remained in use until 1979.
3. The Comoro Franc was created and pegged to the new French Franc (FRF) at 1 FRF = 50 KMF since 1979 until 1994 when it changed to 1 FRF = 75 KMF. Currently, it is pegged to the Euro at 1 EUR = 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 the Euro at a fixed parity of 1 EUR = 6.55957 FRF since January 1, 1999.