About Moroccan Dirham Currency
The official currency of Morocco is dirham. Dirham is subdivided into 100 santimat. The central bank of Morocco is the Bank Al-Maghrib which has the power of all financial sectors from publishing banknotes to dealing domestic and foreign trading. Dirham is also called as the de facto currency in Western Sahara because it has greater level of popularity from the historical time. Dirham is a completely exchangeable currency. In 1882¸ Morocco was very popular with ‘rial’; it was a currency subdivided to dirham with 1 rial was equal to 10 dirham.
In the later part of the eighteenth century¸ franc was entitled as a major currency in Morocco. Franc had maximum popularity in Morocco at that time because it was the main currency for European transaction. Franc was circulated in Morocco until the mid of nineteenth century. Dirham was launched in 1960 and the currency got much concern in Morocco by then; however franc continued in Morocco until 1974.
Moroccan Dirham - Moroccan Currency Name
Dirham has its significance historical importance as a currency in Morocco. It got a good place in mythological novels of Islam as dirham was considered as the most important currency. Most of Islamic novels mentioned dirham in its stories. The plural form of dirham is pronounced as darahim. However¸ ‘dirhams’ is used in the English and French languages as plural form. Symbol of dirham in the Arabic language is د.م.
Currency of Morocco - Specific term of Moroccan Dirham
There are many popular terms of words which are used in Morocco to refer to different values of dirham but all of these terms are not considered official. All these terms are only for verbal recognition. The popular verbal term of dirham is the rial which is equal to 5 santimat¸ the franc equal to 1 santim. However¸ the rial or santim are usually used in general trading if the trading has the lower value of 1 dirham. Nowadays¸ these are not commonly used but if a high level of trading is done then higher value of rial is used in verbal communication. This naming variation has been come from the time of French colonization. People used to speak with those denominations what were used by the French. However¸ the young generation of Morocco is now away from it.
Moroccan Dirham Currency ISO 4217 Code
Moroccan dirham currency ISO 4217 code is ‘MAD’. Most of the people get confused to select rial in terms of Moroccan currency code as it is historical influence but in today’s trading it is legally done with ‘MAD’ which is the ISO 4217 code of international standard.
Currency of Morocco -Moroccan Dirham Banknotes Types
Moroccan dirham banknotes are in denominations of 20¸ 50¸ 100 & 200 dirham. However¸ dirham banknotes were first overprinted on former franc notes as in 50 dirham on 5000 francs and 100 dirham on 10¸000 francs. The Bank Al-Maghrib issued new banknotes in 1965 such as 5¸ 10 and 50 dirham. In 1970¸ 100 dirham banknotes were introduced followed by 200 dirham banknotes and 20 dirham in 1991 and in 1996 respectively.
Currency of Morocco -Moroccan Dirham Coins Types
Moroccan dirham coins are in 10 & 20 santimat¸ ½¸ 1¸ 2¸ 5 & 10 dirham respectively. However¸ there are 5 santimat also present but it is used very rarely. Moroccan silver 1 dirham coins were launched in 1960 followed by nickel 1 dirham and silver 5 dirham coins. The Bank Al-Maghrib launched santim in 1974 and at the same time the Bank introduced some new coins along with santim in denominations of 1¸ 5¸ 10¸ 20 and 50 santimat and 1 dirham. In Morocco¸ there are now bi-metal coins too.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc..¸
As per the present rate of conversion on 18/2/2011 1.00 MAD = 0.120969 USD
1.00 MAD = 0.0746394 GBP
You can visit official website of Morocco where you will get maximum information of Moroccan dirham Currency.