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Moroccan dirham
الدرهم المغربي (Arabic)
ISO 4217
Code	MAD (numeric: 504)
Subunit	0.01
Unit
Symbol	DH‎
Denominations
Subunit
1⁄20	rial (informal)
1⁄100	santim (official); franc (informal)
Plural
santim (official); franc (informal)	santimat
Banknotes	20, 50, 100, 200 dirhams
Coins	10, 20 santimat, ½, 1, 2, 5 & 10 dirhams
Rarely used	1 santim, 5 santimat
Demographics
Replaced	Moroccan franc
User(s)	Morocco
Issuance
Central bank	Bank Al-Maghrib (Bank of Morocco)
Website	www.bkam.ma
Valuation
Inflation	0.2%
Source	The World Factbook, 2019 est.
Pegged with	60% EUR and 40% USD

The Moroccan dirham (Arabic: درهم, romanized: dirham, Moroccan Arabic: درهم, romanized: derhem; 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; Arabic: سنتيم).

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 and United States dollar by up to 60% and 40% respectively.^[2]^[3]

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.^[4]

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.^[5] 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.^[6]

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.^[7]

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 1⁄2 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.^{[citation needed]}

In 2023, a new series of coins were issued for circulation in Morocco, with the same denominations issued.

2012 Dirham Coins ^[8]
Value	Technical parameters			Description
Value	Diameter	Mass	Composition	Edge	Obverse	Reverse
10 santimat	20 mm	3 g	Nordic gold 89% copper 5% aluminium 5% zinc 1% tin	Reeded	Arms of the Kingdom and inscription "Kingdom of Morocco"	Saffron flower and bee
20 santimat	23 mm	4 g	Nordic gold 89% copper 5% aluminium 5% zinc 1% tin	Reeded	Arms of the Kingdom and inscription "Kingdom of Morocco"	Lotus flower and design representing Earth
1⁄2 dirham	21 mm	4 g	Cupronickel 75% copper 25% nickel	Reeded	Arms of the Kingdom and inscription "Kingdom of Morocco"	Design representing fish in the ocean
1 dirham	24 mm	6 g	Cupronickel 75% copper 25% nickel	Reeded	Mohammed VI	Arms of the Kingdom and inscription "Kingdom of Morocco"
5 dirhams	25 mm	7.5 g	Ring: Cupronickel (as 1 dirham) Center: 70% Cu 24.5% Zn 5.5% Ni	Segmented reeding	Mohammed VI	Hassan II mosque, with security feature
10 dirhams	28 mm	12 g	Ring: Aluminium bronze (as 5 santimat) Center: Cupronickel (as 1 dirham)	Reeded with Stars Inscription	Mohammed VI (earlier issues show Hassan II)	Boumalne Dades, with security feature
For table standards, see the coin specification table.

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.^[9]

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 Fortress Paper. 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.^[10]

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.^[11]^[12]^[13]^[14]

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.

Banknotes of the Moroccan dirham^[15]
1987 Series (Including 1991 Revision)
Value	Dimensions	Obverse	Reverse	Main Colour	Description			Date of
Value	Dimensions	Obverse	Reverse	Main Colour	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	Hassan II	A fantasia scene	Hassan II	1987	1987/ca. 1991
100 dirhams	153 × 75 mm			Brown	Hassan II	The Green March into the Spanish Sahara (October, 1975), Desert rose	Hassan II	1987	1987/ca. 1991
200 dirhams	158 × 75 mm			Blue	Hassan II	Conch shell, a branch of coral, and a Dhow.	Hassan II	1987	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	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	2005
50 dirhams	147 × 70 mm			Green	Mohammed VI	A clay-made building (Ksour)	Mohammed VI and "50"	2002	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"	2002	2002
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"	2002	2002
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	Mohammed VI, coat of arms of Morocco	Ouzoud Falls; argan tree, fruit, and bird	Mohammed VI and electrotype 50	2012	2013
100 dirhams	145 × 70 mm			Brown, yellow, violet and blue	Mohammed VI; coat of arms of Morocco	Sahrawi tent; wind turbine farm; three camels with riders on a desert	Mohammed VI and electrotype 100	2012	2012
200 dirhams	151 × 70 mm			Blue, green and violet	Mohammed VI; coat of arms of Morocco	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	2012	2012
For table standards, see the banknote specification table.

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 (Arabic pronunciation: [rjal]), equivalent to 5 santimat, and the franc [frˤɑnk], 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.^{[citation needed]} 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.

The Moroccan dirham is also accepted in trade markets in Ceuta, although the euro is the sole legal tender there.^[16]

Current MAD exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD

Notes

^ Spurgeon, Susanna (November 28, 2019). "Morocco Considers Making Exchange Rate More Flexible in January". Morocco World News.
^ Transition to a more flexible exchange rate system
^ "BAM : la flexibilisation du régime de change devrait reprendre en 2026" (in French).
^ "Qantara - The Idrisids (789- 974)". www.qantara-med.org. Retrieved 2020-05-22.
^ Linzmayer, Owen (2013). "Morocco". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
^ Krause and Mishler, 1995 Standard Catalog of World Coins, krause publications
^ "Bank Al-Maghrib issues new 100 DH note, coins". HESPRESS English - Morocco News. 2023-11-24. Retrieved 2023-11-24.
^ "Bank Al-Maghrib". Bkam.ma. Archived from the original on 2016-10-12. Retrieved 2013-06-25.
^ Morocco new 50-dirham commemorative confirmed BanknoteNews.com. Retrieved 2012-06-06.
^ Morocco new 25-dirham commemorative world's first printed on Durasafe substrate BanknoteNews.com. February 1, 2013. Retrieved on 2013-02-02.
^ 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.
^ "Bank Al-Maghrib". Bkam.ma. Archived from the original on 2016-12-22. Retrieved 2013-06-25.
^ "Morocco 'mule women' in back-breaking trade from Spain enclave". 2017-10-06. Retrieved 2018-05-11.

References

Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
Pick, Albert (1994). Bruce, Colin R. II; Shafer, Neil (eds.). Standard Catalog of World Paper Money: General Issues (7th ed.). Krause Publications. ISBN 0-87341-207-9.