What is the currency of Morocco? A Guide to the Moroccan Dirham.
Morocco is a beautiful country in North Africa that attracts many tourists every year. It is known for its vibrant culture, delicious food, and stunning landscapes. But what is the currency of Morocco? In this guide, we will answer that question and provide you with everything you need to know about the Moroccan dirham.
Firstly, let's start with the basics. The Moroccan dirham is the official currency of Morocco, abbreviated as MAD. One dirham is subdivided into 100 centimes, and the coins come in denominations of 1, 5, and 10 centimes, as well as ½, 1, 2, 5, and 10 dirhams. The banknotes come in denominations of 20, 50, 100, and 200 dirhams.
Now that we know what the currency of Morocco is let's explore its history. The Moroccan dirham was first introduced in 1960, replacing the franc as the country's official currency. The dirham has undergone several changes since its inception, including the introduction of coins in 1974 and new banknotes in 1996.
One interesting fact about the Moroccan dirham is that it is a closed currency, which means that it can only be traded within Morocco. This is because the dirham is a non-convertible currency, and it is illegal to take more than 1000 MAD out of the country.
When traveling to Morocco, it is important to have some local currency on hand. While some businesses and hotels accept credit cards, cash is still widely used. ATMs are readily available in major cities, but it's always a good idea to have some dirhams with you before arriving in the country.
Information about the Moroccan dirham can be found at the Bank Al-Maghrib, the central bank of Morocco. They provide up-to-date exchange rates and information about the dirham. It's also important to note that while the dirham is the official currency, some areas in Morocco, particularly in rural areas, may still use bartering as a form of payment.
When exchanging your currency for Moroccan dirhams, it's best to do so at official currency exchange bureaus or banks. Avoid exchanging money on the street or with unofficial vendors, as this could lead to scams or counterfeit currency.
In conclusion, the Moroccan dirham is the official currency of Morocco, abbreviated as MAD. It was introduced in 1960 and has undergone several changes since then. The dirham is a closed currency, meaning it can only be traded within Morocco. When traveling to Morocco, it's important to have some local currency on hand and exchange it at official currency exchange bureaus or banks to avoid scams or counterfeit currency. Understanding the history and usage of the Moroccan dirham is essential for tourists and business travelers alike. So, if you're planning a trip to Morocco, make sure to have some dirhams with you and immerse yourself in the vibrant culture and beautiful landscapes that this country has to offer.