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| Currencies of Morocco | |
|---|---|
| Name | Morocco |
| Currency | Moroccan dirham |
| Iso code | MAD |
| Inflation rate | 3.1% |
| Bank | Bank Al-Maghrib |
| Subunit | centime |
Currencies of Morocco provide the monetary instruments used within Kingdom of Morocco from premodern mints through contemporary legal tender, reflecting interactions with Almoravid dynasty, Almohad Caliphate, Saadi dynasty, Alaouite dynasty, French Protectorate in Morocco, Spanish Morocco, and post-independence financial institutions. The monetary history ties to regional trade routes linking Trans-Saharan trade, Mediterranean Sea, Atlantic Ocean, and commercial hubs such as Fez, Marrakesh, Casablanca, and Tangier. Present-day instruments circulate under the authority of Bank Al-Maghrib and coexist with historical issues from colonial administrations including Banque d'État du Maroc and Banco de España influences in northern zones.
Pre-modern units in the Maghreb evolved from Andalusi and Islamic standards used by the Umayyad Caliphate and the Abbasid Caliphate, with coinage issued by rulers including the Idrisid dynasty, Almoravid dynasty, and Almohad Caliphate. The medieval silver dirham and gold dinar followed patterns from the Fatimid Caliphate and Aghlabids, while later Saadi and Alaouite monarchs struck coins at mints in Fez, Marrakesh, Tetouan, and Rabat. European contact brought the Spanish maravedi and Portuguese cruzado into Moroccan circulation near Ceuta and Melilla; Ottoman monetary conventions also influenced trade with Algiers. During the 19th century Muhammad IV and Hassan I of Morocco reformed coinage amid pressure from the European powers and treaties such as the Treaty of Tangiers. The establishment of the French Protectorate in Morocco and Spanish Protectorate in Morocco introduced franc- and peseta-based banknotes and coins issued by Banque de l'Algérie et de la Tunisie proxies and Banco Español de Crédito operations until independence in 1956, when Moroccan authorities consolidated currency reforms culminating in the modern Moroccan dirham introduced in 1960 and reformed under Mohammed V and Hassan II of Morocco.
The modern unit, the dirham (ISO 4217: MAD), subdivides into 100 centimes aligning with decimal systems adopted during mid-20th-century currency reforms influenced by International Monetary Fund consultations and World Bank technical assistance. Historical subunits included the falus, para, rial, and santim, which coexisted with Moroccan dinar denominations and colonial franc equivalents in hybrid circulation zones such as Tetuan and the Spanish protectorate of Northern Morocco. Denomination choices have reflected fiscal policy under successive heads such as Ahmed Balafrej and Ahmed Réda Guedira as well as monetary stabilizations during global periods like the 1973 oil crisis and the 1990s global financial liberalization.
Coinage in Morocco spans hammered and milled issues: medieval gold dinars and silver dirhams struck under the Almohad Caliphate and the Saadi dynasty; 19th-century copper falus from the reign of Hassan I of Morocco; colonial-era franc and peseta coins circulated under French Protectorate in Morocco and Spanish Morocco; and post-independence coins issued by Bank Al-Maghrib. Contemporary circulating coins include denominations in 1, 2, 5, 10, 20, and 50 centimes and 1, 2, 5, and 10 dirhams, minted by facilities cooperating with mints in Paris, Madrid, and contract producers associated with Monnaie de Paris and Spanish Royal Mint contractors. Design elements often portray national symbols tied to the Alaouite dynasty, architectural motifs from Koutoubia Mosque, and iconography referencing Moroccan cultural heritage and festivals such as Mawazine.
Banknotes evolved from colonial bank issues by Banque d'État du Maroc and Spanish-bank series to modern notes issued by Bank Al-Maghrib featuring portraits of monarchs like Hassan II of Morocco and Mohammed VI of Morocco, landmarks including Hassan Tower and Bab Mansour, and security features developed in collaboration with international printers such as De La Rue and firms in Switzerland and France. Current series include 20, 50, 100, and 200 dirham notes with advanced anti-counterfeiting elements like holograms, watermarks, and security threads introduced following recommendations from the Bank for International Settlements and anti-money-laundering frameworks influenced by Financial Action Task Force assessments.
Issuance and monetary policy are the remit of Bank Al-Maghrib, established under laws enacted during the reign of Mohammed V and restructured by legislative acts in the Moroccan Parliament at Rabat. Policy tools include reserve requirements, open market operations, and exchange rate regimes coordinated with fiscal authorities such as the Ministry of Economy and Finance (Morocco). The dirham has been managed via a crawling peg and later a managed float influenced by trade relationships with partners including the European Union, France, Spain, and emerging ties with China and Gulf Cooperation Council members, with macroeconomic coordination linked to institutions like the International Monetary Fund.
The dirham's exchange behavior has been affected by bilateral arrangements with European Union countries and by remittance flows from the Moroccan diaspora in France, Spain, Belgium, Netherlands, Italy, and Canada. Morocco conducts foreign exchange operations through central bank reserves held in currencies such as the euro, US dollar, British pound sterling, and increasingly the Chinese renminbi. Cross-border trade with ports like Casablanca Port and Tangier-Med shapes demand for convertible currencies; tourism from markets such as Germany and United Kingdom also affects short-term exchange dynamics. Informal parallel markets persisted historically in cities like Chefchaouen and Essaouira but have contracted due to regulatory measures and anti-money-laundering efforts.
Morocco issues commemorative coins and numismatic series celebrating events and figures such as anniversaries of the Green March, the coronation of Mohammed VI of Morocco, cultural heritage sites like Aït Benhaddou, and sports events hosted in cities like Rabat and Casablanca. Collector banknotes and limited mintages are produced for collectors in coordination with international numismatic fairs in Geneva and Paris and institutions such as International Numismatic Council. Auction houses and dealers in London, New York City, and Zurich trade Moroccan rarities including Sultanate-era dinars and colonial notes, which are cataloged by specialists referencing collections in museums like the Museum of Moroccan Judaism and archives at Bibliothèque Nationale du Royaume du Maroc.
Category:Economy of Morocco Category:Currencies by country