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Moroccan dirham
درهم مغربي (Arabic)
ISO 4217 Code MAD
User(s)  Morocco
Western SaharaWestern Sahara
Inflation 2%
Source The World Factbook, 2007 est.
Subunit
1/100 santim
Symbol د.م.
Coins 5, 10 & 20 santimat, ½, 1, 2, 5 & 10 dirham
Banknotes 10, 20, 50, 100 & 200 dirham
Central bank Bank Al-Maghrib
Website www.bkam.ma

The dirham (Arabic: درهم, plural: درهمان , دراهم or درهما‎) is the currency of Morocco. The plural form is pronounced darahim, although in French and English "dirhams" is commonly used. Its ISO 4217 code is "MAD". It is subdivided into 100 santimat (singular: santim, Arabic singular: سنتيم, plural: سنتيما or سنتيمات). The dirham is issued by the Bank Al-Maghrib, the central bank of Morocco. It is also the de facto currency in Western Sahara. While the dirham is a fully convertible currency, export of the local currency is prohibited by law.

Contents

History

Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in falus, silver coins denominated in dirham & gold coins denominated in benduqi. From 1882, the dirham became a subdivision of the Moroccan rial, with 10 dirham = 1 rial.

The dirham was reintroduced in 1960. It replaced the franc as the major unit of currency but, until 1974, the franc continued to circulate, with 1 dirham = 100 francs. In 1974, the santim replaced the franc.

Coins

In 1960, silver 1 dirham coins were introduced. These were followed by nickel 1 dirham and silver 5 dirham coins in 1965. In 1974, with the introduction of the santim, a new coinage was introduced in denominations of 1, 5, 10, 20 and 50 santimat and 1 dirham. The 1 santim coins were aluminium, the 5 up to 20 santimat were minted in brass, with the highest two denominations in cupro-nickel. Cupro-nickel 5 dirham coins were added in 1980 and changed to a bi-metal coin in 1987. The bi-metal coins bear two year designations for the issue date—1987 in the Gregorian calendar and the 1407 in the Islamic calendar. The 1 santim was only minted until 1987 when new designs were introduced, with a ½ dirham replacing the 50 santimat without changing the size or composition. The new 5 dirham coin was bimetallic, as was the 10 dirham coin introduced in 1995. Cupro-nickel 2 dirham coins were introduced in 2002.

Dirham Coins [1]
Value Technical parameters Description
Diameter Mass Composition Edge Obverse Reverse
1 cent 17 mm 0.7 g Aluminium Smooth Arms of the Kingdom and inscription "Kingdom of Morocco" Design of fishing
5 cent 17.5 mm 2 g Aluminium bronze
92% copper
6% aluminium
2% nickel
Smooth Arms of the Kingdom and inscription "Kingdom of Morocco" Fish in a fishing net under a boat tiller
10 cent 20 mm 3 g Reeded An ear of corn
20 cent 23 mm 4 g Reeded Design representing a Fibule
½ dirham 21 mm 4 g Cupronickel
75% copper
25% nickel
Reeded Arms of the Kingdom and inscription "Kingdom of Morocco" Design representing communications and new technology
1 dirham 24 mm 6 g Reeded Mohammed VI (earlier issues show Hassan II) Arms of the Kingdom and inscription "Kingdom of Morocco"
2 dirham 26 mm 7 g Reeded Mohammed VI
5 dirhams 26.2 mm 6.8 g Ring: 82.5% iron
          17.5% chromium
Center: Aluminium bronze (as 20 santimat)
Reeded Mohammed VI (earlier issues show Hassan II)
10 dirhams 28 mm 12 g Ring: Aluminium bronze (as 20 santimat)
Center: Cupronickel (as 1 dirham)
Reeded Mohammed VI (earlier issues show Hassan II) Arms of the Kingdom and inscription "Kingdom of Morocco"
For table standards, see the coin specification table.

Banknotes

The first notes denominated in dirham were overprints on earlier franc notes, in denominations of 50 dirham (on 5000 francs) and 100 dirham (on 10,000 francs). In 1965, new notes were issued for 5, 10 and 50 dirham. 100 dirham notes were introduced in 1970, followed by 200 dirham notes in 1991 and 20 dirham in 1996. 5 dirham notes were replaced by coins in 1980, with the same happening to 10 dirham notes in 1995.

Dirham Banknotes [2]
1987 Series (Including 1991 Revision)
Value Dimensions Obverse Reverse Main Colour Description Date of
Obverse Reverse Watermark printing issue
10 dirhams 143 × 70 mm 10 dirham.jpg 10 dirham back.jpg Yellow and pink (1987)
violet (1991)
Hassan II Moroccan lute Hassan II 1987 1987/ca. 1991
50 dirhams 148 × 70 mm 50 dirham.jpg 50 dirham back.jpg Green Hassan II A fantasia scene Hassan II 1987 1987/ca. 1991
100 dirhams 153 × 75 mm 100 dirham.jpg 100 dirham back.jpg Brown Hassan II The Green March Hassan II 1987 1987/ca. 1991
200 dirhams 158 × 75 mm Front 200 Dirham.jpg Back 200 Dirham.jpg Blue Hassan II Shellfish, a branch of coral, and an Arab fishing boat. Hassan II 1987 ca. 1991
1996 Series
20 dirhams 130 × 68 mm 20 dirham 1996.jpg 20 dirham 1996 back.jpg Brown-reddish Hassan II Wall fountain of the Hassan II Mosque Hassan II 1996 1996
2002 Series
20 dirhams 140 × 70 mm Front 20 Dirham.jpg Back 20 Dirham.jpg Violet Mohammed VI A panoramical view of the Oudayas Mohammed VI and "20" 2005 2005
50 dirhams 147 × 70 mm Front 50 Dirham.jpg Back 50 Dirham.jpg Green Mohammed VI A clay-made building (Ksour) Mohammed VI and "50" 2002 2002
100 dirhams 150 × 78 mm Front 100 Dirham.jpg Back 100 Dirham.jpg Brown Mohammed VI, Mohammed V and Hassan II The Green March Mohammed VI and "100" 2002 2002
200 dirhams 158 × 78 mm [[Image:|100px]] [[Image:|100px]] Blue Mohammed VI and Hassan II A window of the Hassan II Mosque Mohammed VI and "200" 2002 2002
For table standards, see the banknote specification table.

Popular denominations and usage

Popular denominations are words widely used in Morocco to refer to different values of the currency they are not considered official by the state though. Those include the rial (Arabic pronunciation: [rjal]), equivalent to 5 santimat, and the franc [frˤɑnk], equivalent to 1 santim. Usually, when dealing with goods with a value lower than a dirham, it is common to use the rial or santim. For very high priced goods, such as cars, it is normative to refer to the price in santimat. However, rial is used when speaking in Arabic and centime when speaking in French. Though not used by the young generation, the denomination 1000, 2000, ... to 100,000 franc will be used by people who lived during the French colonial period when referring to 10, 20 and 1000 dirham. Likewise, rial is also used for higher value than portions of the dirham, reaching 5000 dhs (100,000 rial). This denomination is used in Arabic speaking context especially in popular milieu such as old medina souks or vegetable markets.

50 dirhams and Ksour in the background
Current MAD exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

External links

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