Moroccan Dirham

MAD

  • Convertible: Yes
  • Transferable: Yes
  • Exchange rate regime: Managed floating exchange rate regime (pegged to a basket of currencies)
Currency Reference Centre

Available Currency Pairs

EURMAD

View EUR

USDMAD

View USD

GBPMAD

View GBP

MADJPY

View JPY

AUDMAD

View AUD

NZDMAD

View NZD

DKKMAD

View DKK

SEKMAD

View SEK

NOKMAD

View NOK

CADMAD

View CAD

PLNMAD

View PLN

MADCZK

View CZK

MADHUF

View HUF

MADRUB

View RUB

SGDMAD

View SGD

HKDMAD

View HKD

MADTHB

View THB

CNHMAD

View CNH/CNY

AEDMAD

View AED

BGNMAD

View BGN

HRKMAD

View HKD

CHFMAD

View CHF

ILSMAD

View ILS

MADMXN

View MXN

RONMAD

View RON

SARMAD

View SAR

TRYMAD

View TRY

MADXAF

View XAF

MADXOF

View XOF

MADZAR

View ZAR

Did You Know?

plus-icon

Monetary Policy

  • Bank Al-Maghrib (BKAM, the central bank of Morocco) sustains a regime whereby the value of the dirham is guaranteed a certain degree of stability by remaining pegged to the currencies of Morocco’s main trading partners. Since 2015, the basket consists of 60% EUR and 40% USD.
  • Bank Al-Maghrib’s primary objective is the achievement of price stability, allowing for moderate evolutions therein. This is achieved through proactive monetary policy with regard to liquidity and interest rates, as well as the controlled fluctuation of MAD.
plus-icon

Features and Highlights

There is a market for MAD in foreign exchange (deliverable). Liquidity is quite scarce.FX forwards are possible, but also in limited liquidity. In both the spot and forward markets, liquidity is better for clients seeking to buy MAD.

plus-icon

Expert Opinion

BKAM manages the value of its currency against a basket composed of 60% EUR and 40% USD. Based on this value, they indicate quotes for MAD against 16 other currencies. This implies that the currency is relatively stable against most major currencies and doesn’t behave like a typical “emerging market” currency, which tend to exhibit high rates of volatility.The rate is managed within a band around the desired level. The upper and lower limits allowed by BKAM are indicated on their website.

plus-icon

Regulations

In general, there are no special restrictions on the purchase and sale of MAD.

Keep In Mind

Resource PDF image

Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts

Reference guide

Get in touch with us today