Here is the complete financial historical report on Morocco’s currency, the Moroccan Dirham, in International English, as requested:

Financial Historical Report of Morocco

Basic Data

• Country ISO Code: MA

• Official Language: Arabic (with widespread use of French)

• Language ISO Code: ar

• Current Official Currency: Moroccan Dirham

• Currency ISO Code: MAD

• Issuing Authority: Bank Al-Maghrib (Central Bank of Morocco)

Currency History and Characteristics

• The Moroccan Dirham was reintroduced on October 16, 1960, replacing the Moroccan franc as the main monetary unit.

• Until 1974, the franc continued to circulate alongside the dirham, with 1 dirham equivalent to 100 francs.

• Informally and for daily transactions, the Moroccan rial is still used as a unit of account, valued at 5 centimes of a dirham (20 rials equal 1 dirham).

• The dirham is subdivided into 100 centimes (santimat).

Banknotes and Coins in Circulation

• Banknotes: 20, 50, 100, and 200 dirhams.

• Coins: 10, 20, and 50 centimes; 1, 2, 5, and 10 dirhams.

Usage and Features

• The dirham is a restricted currency, with legal limits on the amount that can be taken out of the country, and it is rarely found in circulation outside Morocco (with some exceptions).

• The currency is considered stable, with relatively minor fluctuations in exchange rates.

• The euro, US dollar, and British pound are the most commonly exchanged foreign currencies in Morocco.

• Credit and debit cards are accepted in some areas, but users should verify acceptance and fees beforehand.

Cultural and Economic Context

• Despite the dirham being the official currency, a significant portion of the population still uses the rial and franc as price references, especially in rural areas, which can cause confusion for visitors.

• This multiple-unit usage reflects Morocco’s monetary history and gradual transition to a modern decimal system.

Exchange Rate Evolution (Euro to Dirham)

Summary

• The Moroccan dirham is the sole official currency in Morocco, issued and regulated by Bank Al-Maghrib.

• The coexistence of the dirham with the rial and franc in colloquial use is a culturally and historically significant feature.

• For tourists and investors, it is recommended to use euros or dollars for currency exchange and to verify card acceptance to avoid additional fees.

This report provides a comprehensive overview of Morocco’s currency, its history, characteristics, and current usage context.