Moroccan Dirham

Overview

Economy

• Morocco is a member of AU, Arab League, AMU, OIC, Francophonie.
• Main industries include: Automotive, Phosphate rock mining, Aerospace, Food processing, Leather goods, Textiles, Construction, Energy, Tourism.
• Morocco is part of the World Trade Organization.
• Imports are crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics.
• Major exports include clothing and textiles, automobiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers, petroleum products, citrus fruits, vegetables, fish.
• GDP: $134.2 billion (2023 est.).
• GDP per capita: $3,582 (2023 est.).
• Unemployment rate: 13.5% (2023 est.).
• Inflation rate: 6.1% (2023 est.).
• Main trading partners: Spain, France, China, Germany, Italy, Turkey.
• Trade agreements: EU Association Agreement, EFTA FTA, Turkey FTA, UAE CEPA, Various bilateral agreements.

History

• Previous currencies used: Moroccan franc, French franc, Spanish peseta (in Spanish zone).
• The dirham was introduced in 1960, replacing the Moroccan franc. The name comes from the historical Islamic silver coin and reflects Morocco's monetary heritage.
• 1960: Dirham introduced, replacing Moroccan franc
• 1973: Currency reform and devaluation
• 1993: Current account convertibility achieved
• 2007: Gradual exchange rate flexibility introduced
• 2018: Further exchange rate liberalization
• 2020: COVID-19 pandemic impact on tourism
• Exchange rate peg: Basket of currencies (EUR and USD weighted).
• Currently pegged to Basket (60% EUR, 40% USD) at Managed within fluctuation band.

General Information

• ISO 4217 Code: MAD
• Symbols: MAD/د.م.
• Currency Subunits: 100 centimes
• Central Bank: Bank Al-Maghrib
• Monetary Policy: Managed floating within band against currency basket. Inflation targeting framework with gradual exchange rate liberalization.
• Bills: 20 MAD, 50 MAD, 100 MAD, 200 MAD
• Coins: 1 centime, 5 centimes, 10 centimes, 20 centimes, 50 centimes, 1 dirham, 2 dirhams, 5 dirhams, 10 dirhams
• USD Exchange Rate: Variable (approximately 10.1 MAD per USD)
• Pegged To: Basket (60% EUR, 40% USD) at Managed within fluctuation band
• Capital: Rabat
• Population: 37,067,420 (2023 est.)
• Area: 446,550 km²
• Languages: Arabic (official), Berber languages (official), Hassaniya Arabic, French
• Time Zones: UTC+1 (West European Time)
• Government Type: Parliamentary constitutional monarchy
• Head of Government: King (head of state), Prime Minister (head of government)
• Independence: March 2, 1956 (from France and Spain)
• Ethnic Groups: Arab-Berber 99%, Other 1%
• Religions: Muslim 99%, Other 1%
• Literacy Rate: 73.8% (2018 est.)
• Transport: Mohammed V International Airport, extensive road network, high-speed rail (Al Boraq), Atlantic and Mediterranean ports
• Communications: Good telecommunications, 84% internet penetration, comprehensive mobile coverage
• Energy: Coal 38%, Hydroelectric 16%, Natural gas 24%, Wind 12%, Solar 8%, Other 2%
• Countries Using This Currency: Morocco
• Data Sources: Central Bank: Bank Al-Maghrib (bkam.ma), Economic Data: High Commission for Planning Morocco, World Bank, IMF, Trade Data: Moroccan Customs and Indirect Taxes Administration, Demographic Data: High Commission for Planning Morocco, Geographic Data: General Directorate of Meteorology, Historical Data: Bank Al-Maghrib archives
• Last Updated: 2025