2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Moroccan dirham in the international financial system has the designation MAD and code 504. It is the official currency in Morocco. The currency was put into circulation in 1961.
Origin of the currency
What is the currency in Morocco today? The Moroccan Dirham has been the official currency of this country since 1961. Before that, the Moroccan franc was used in the state. One dirham is made up of one hundred santims. At the moment, there are coins in denominations of ten and twenty centimes in circulation. In addition, metallic money is used in denominations of half, one, two, five, ten, twenty, fifty, one hundred and two hundred dirhams.
Moroccan money design
Moroccan coins contain the national emblem of Morocco. This symbol is a shield held by a pair of lions. In addition, it is topped with a crown, the sun and the sign of the pentagram are applied to it. The opposite side of the coins, as a rule, is designed differently. For example, the obverse of coins in denominations of one and twenty dirhams contains the image of King Mohammed VI. The inscriptions on metal money are in Arabic. It will be by the way to say that the year of manufacture of coins is indicated according to andArabic, and European calendar.
Paper notes of the Moroccan dirham are almost identical in size. The face of all banknotes dated 2002 bears the image of King Mohammed VI. At the same time, the color scheme of the banknotes is different. For example, a banknote of twenty dirhams is made in purple, fifty - green, one hundred - brown, and two hundred - blue. Various national symbols of Morocco are placed on the reverse side of banknotes. The twenty dirham currency, for example, contains an image of a panoramic view of the Udaya fortress. At fifty there is an adobe building. The design of the reverse side of the 100 dirham note is interesting. It depicts the so-called green march. This name is given to a well-known demonstration of the people of Morocco, organized by the country's leadership in 1975. This strategic measure was aimed at forcing Spain to transfer the disputed territories of Western Sahara to the Moroccan state. Moroccan King Hassan II announced the organization of the demonstration and its goals.
On the banknote of two hundred dirhams there is a window of the mosque of King Hassan II. By the way, it will be worth noting that the obverse of all banknotes contains inscriptions in Arabic, and the reverse - in English.
Interesting facts
The development and design of the new Moroccan currency is controlled by the Bank al-Maghrib. It is the central financial institution of Morocco. The currency of the state, its issue and control over it are the prerogative of the Bank al-Maghreb. An interesting fact is the fact that the export of local dirhams outside the country is prohibited by law. In 2009, a commemorative note with a face value of fifty dirhams was put into circulation. Then the Bank al-Maghrib celebrated its fiftieth anniversary, which served as a pretext for issuing a new banknote. On the front side of this bill you can see the image of three Moroccan kings at once: Mohammed VI, Hassan II and Mohammed V. But on the reverse of the banknote there is a view of the headquarters of the Bank al-Maghrib in the capital of Morocco - the city of Rabat.
Currency exchange in Morocco
Travelers and tourists should be aware that there is an opportunity to purchase local dirhams in banks, large hotels and restaurants in Morocco. The currency of this state is also sold at special exchange points that can be found at the airports of the country. You should refrain from buying Moroccan dirhams from your hands on the streets of cities. In this case, there is a high probability of fraud by local dealers. When traveling to the country, you need to know what the rate of the Moroccan currency is against the dollar. At the moment this ratio is 1 MAD=0.10 USD.
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