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.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Managed floating exchange rate regime (pegged to a basket of currencies)
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.
Expert Opinion
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.
MAD Regulations
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.
Bank holidays
January
New Year's Day
January
Manifesto of Independence
May
Labour Day
July
Throne Day
August
Oued Ed-Dahab Day
August
Revolution of the King and the People
August
Youth Day
November
Green March Day
November
Independence Day
Islamic New Year
Varies, first day of Muharram
Birthday of the Islamic Prophet Muhammad
Varies, 12th day of Rabi' al-awwal
Eid al-Fitr
Varies, first day after Ramadan
Eid al-Adha
Varies, 10th day of Dhu al-Hijjah
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