The Moroccan dirham (, ; sign: DH; code: MAD; ) is the official monetary currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. One Moroccan dirham is subdivided into 100 santimat (singular: santim; ).
History The word dirham derives from the Greek currency, the drachma. The Idrissid dirham, a silver coin, was minted in Morocco under the Idrisid dynasty 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, with 500 Mazunas = 10 dirham = 1 rial.
When most of Morocco became a French protectorate in 1912 it switched to the Moroccan franc. The dirham was reintroduced on 16 October 1960. It replaced the franc 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.Krause and Mishler, 1995 Standard Catalog of World Coins, krause publications
In 2015, the Central Bank updated the weights of the peg to 60% for the euro and 40% for the US dollar, against respectively 80% and 20% previously, to better reflect the current structure of foreign trade of the country.
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 and the 1407 in the Islamic calendar.
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.
2011 series On 26 July 2011 the Dar As-Sikkah (the Moroccan Mint) announced the introduction of a new series of coins in six denominations. The first, and 1 dirham, were released on 28 July to mark Throne Day. The other denominations entered circulation on 6 November to mark the commemoration of the Green March and Independence Day.
Also This series no longer included 5 santims and 2 dirham coins. The production of 2 dirham coins was ceased to avoid confusion with the 1 dirham coins and the 5 santims due to inflation.
+Coins of the 2011 series Image Value Technical parameters Description Date of Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse 10 santimat 20 mm 3.0 gBrass-plated steel Reeded Bee and saffron flower Coat of arms of Morocco 2011-2023 6 November 2011 Current 20 santimat 23 mm 4.0 g Water lilies and water conservation dirham 21 mm 4.0 gNickel-plated steelFish, coral, marine life protection 28 July 2011 1 dirham 24 mm 6.0 gNational sovereignty, (Coat of arms of Morocco) King Mohammed VI 5 dirhams 25 mm 7.5 g Nordic gold center in cupronickel ringSegmented reeding Hassan II Mosque in Casablanca, latent image as security feature 6 November 2011 10 dirhams 27 mm 9.0 g Copper-nickel center in nordic gold ringGrooves with engraved stars Kalaat M'Gouna, latent image as security feature
2023 series On 24 November 2023 the Bank Al-Maghrib announced that a new series of coins would be released the same day. Their obverse design is centered on different themes related to Morrocco’s culture, economy and history.
+Coins of the 2023 series Image Value Technical parameters Description Date of Diameter Mass Composition Edge Obverse Reverse minting issue withdrawal lapse 10 santimat 20 mm 3.0 gBrass-plated steel ReededAgriculture (olives) Coat of arms of Morocco 2023 24 November 2023 Current 20 santimat 23 mm 4.0 gSustainable development and the environment (wind turbines, solar panels) dirham 21 mm 4.0 gNickel-plated steelCultural diversity (jewellery) 1 dirham 24 mm 6.0 gNational sovereignty (Coat of arms of Morocco) King Mohammed VI 5 dirhams 25 mm 7.5 g Nordic gold center in cupronickel ringSegmented reedingThe development of Moroccan Western Sahara (Place Mechouar in Laayoune) 10 dirhams 27 mm 9.0 g Copper-nickel center in nordic gold ringGrooves with engraved stars Development and infrastructure (Mohammed VI Bridge and high speed train)
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.Morocco new 50-dirham commemorative confirmed BanknoteNews.com. Retrieved 2012-06-06.
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.Morocco new 25-dirham commemorative world's first printed on Durasafe substrate BanknoteNews.com. February 1, 2013. Retrieved on 2013-02-02.
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.Morocco new 20-, 50-, 100-, and 200-dirham notes to be issued 15.08.2013 BanknoteNews.com. July 25, 2013. Retrieved on 2013-07-26.Morocco new 200-dirham note confirmed BanknoteNews.com. August 26, 2013. Retrieved on 2013-09-04.Morocco new 100-dirham note confirmed BanknoteNews.com. September 16, 2013. Retrieved on 2013-09-18.Morocco new 20- and 50-dirham notes confirmed BanknoteNews.com. December 28, 2013. Retrieved on 2014-01-15.
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.
A new series of banknotes was issued in 2023–2024.
Banknotes of the Moroccan dirham 1987 Series (Including 1991 Revision) Value Dimensions Obverse Reverse Main Colour Description Date of Obverse Reverse Watermark printing issue 10 dirhams 143 × 70 mm Yellow and pink (1987)violet (1991) Hassan II Moroccan lute, pillar Hassan II 1987 1987/ca. 1991 50 dirhams 148 × 70 mm Green A fantasia scene 100 dirhams 153 × 75 mm Brown The Green March into the Spanish Sahara (October, 1975), Desert rose 200 dirhams 158 × 75 mm Blue Conch shell, a branch of coral, and a Dhow. ca. 1991 1996 Series 20 dirhams 130 × 68 mm Brown-reddish Hassan II, Great mosque of Casablanca Wall fountain of the Hassan II Mosque Hassan II 1996 2002 Series 20 dirhams 140 × 70 mm Violet Mohammed VI, "Bab Challah" (Challah gate) in Rabat A panoramical view of the Oudayas Mohammed VI and "20" 2005 50 dirhams 147 × 70 mm Green Mohammed VI A clay-made building (Ksour) Mohammed VI and "50" 2002 100 dirhams 150 × 78 mm Brown Mohammed VI, Mohammed V and Hassan II The Green March into the Spanish Sahara (October, 1975) Mohammed VI and "100" 200 dirhams 158 × 78 mm Blue Mohammed VI and Hassan II, Grand mosque of Casablanca A window of the Hassan II Mosque, Lighthouse of Casablanca (Pointe el-Hank) Mohammed VI and "200" 2013 Series 20 dirhams 131 × 70 mm Purple, orange and blue Mohammed VI, coat of arms of Morocco Train crossing Hassan II Bridge over the Bou Regreg river in Rabat; Hassan II Mosque and city buildings in Casablanca Mohammed VI and electrotype 20 2012 2013 50 dirhams 138 × 70 mm Green, yellow and blue Ouzoud Falls; argan tree, fruit, and bird Mohammed VI and electrotype 50 100 dirhams 145 × 70 mm Brown, yellow, violet and blue Sahrawi tent; wind turbine farm; three camels with riders on a desert Mohammed VI and electrotype 100 2012 200 dirhams 151 × 70 mm Blue, green and violet Cargo ship, gantry cranes, and shipping containers in the port of Tangier; lighthouse and trees on Cape Spartel in Tangier Mohammed VI and electrotype 200 2023 Series 20 dirhams 130 × 70 mm Purple, orange, red, and blue Mohammed VI, coat of arms of Morocco, Al Quaraouiyine University in Fes Aït Benhaddou Fortress, Mohammed VI Art Museum, Grand Theatre in Rabat Mohammed VI and electrotype 20 2023 2024 50 dirhams 137 × 70 mm Green, yellow, pink, and blue Mohammed VI, coat of arms of Morocco, Ouzoud Falls Ouirgane dam, Desalination station in Agadir, saffron flowers Mohammed VI and electrotype 50 2024 100 dirhams 144 × 70 mm Brown, yellow, red, and blue Mohammed VI; coat of arms of Morocco; Hassan II Mosque Place Mechouar, Casablanca; Feast of Moussem de Tan Tan Mohammed VI and electrotype 100 2023 200 dirhams 151 × 70 mm Blue, orange, yellow, and violet Mohammed VI; coat of arms of Morocco; Mohammed VI Bridge Marrakesh Menara Airport; Mohammed VI Tower Mohammed VI and electrotype 200 2024
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 franc , 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 speaking context.
Exchange rates