The Moroccan Dirham is the official currency of the Kingdom of Morocco. Its currency code is MAD, and its symbol is DH or Dhs. Bank Al-Maghrib, the country's central bank, is responsible for issuing and regulating the Moroccan Dirham.
Exchange rate regime:Managed floating exchange rate regime (pegged to a basket of currencies)
Morocco's Monetary Policy
The main objective of Morocco's monetary policy, as implemented by Bank Al-Maghrib, is to maintain price stability. This is aimed at supporting the country's economic policy to stimulate growth and job creation.
The bank uses various tools, such as interest rate adjustments, reserve requirements, and open market operations, to manage liquidity in the economy and control inflation. In recent years, the bank has been moving towards a more flexible exchange rate regime to improve the economy's ability to handle shocks and support competitiveness.
Key Features of MAD
The Moroccan Dirham is divided into 100 centimes. Coins come in denominations of 1, 2, 5, and 10 Dirhams, and 1, 5, 10, 20, and 50 centimes. Banknotes are issued in denominations of 20, 50, 100, and 200 Dirhams.
Moroccan Dirham banknotes and coins feature a variety of designs, including images of the King, architectural elements, and Moroccan cultural symbols.
Financial experts regard the Moroccan Dirham as a stable currency in the region, thanks to the country's relatively diversified economy and prudent economic policies. However, like all currencies, the Dirham can be influenced by various factors, including commodity prices (particularly phosphate and agricultural products), tourism revenues, and remittances from Moroccans living abroad.
The Bank Al-Maghrib is responsible for the regulation of the Moroccan Dirham. It controls the issuance of new notes and coins, sets monetary policy, and oversees the country's financial system to ensure its stability.
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Morocco are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
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Manifesto of Independence
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Revolution of the King and the People
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