MADMoroccan DirhamMoroccan Dirham (MAD)
The Moroccan dirham is Morocco's national currency and a North African unit connecting domestic commerce with Europe, Africa and Atlantic trade routes.
- ISO code
- MAD
- Symbol
- DH
- Region
- Africa
- Currency type
- Fiat currency
- Exchange system
- MAD is managed around an official reference based on a basket of major partner currencies and an authorized fluctuation band. CurrencyHub's provider rate is a separate dated market reference, not the basket central rate.
- Last reviewed
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Quick facts
MAD at a glance
Currency profile
How MAD works
The Moroccan dirham is Morocco's national currency and a North African unit connecting domestic commerce with Europe, Africa and Atlantic trade routes.
Bank Al-Maghrib issues dirham banknotes, supports coin circulation and conducts monetary and exchange-rate policy within Morocco's national framework.
- MAD is divided into 100 centimes and replaced the Moroccan franc during the post-independence monetary transition.
- The dirham's official reference framework uses a currency basket and a fluctuation band rather than a single permanent foreign-currency parity.
Context
Why this currency matters
MAD reflects Morocco's post-independence monetary sovereignty and its gradual approach to exchange-rate flexibility. The dirham is important beyond tourism: it serves industrial exports, agricultural trade and remittances, while its basket-based policy framework must remain distinct from a provider's dated conversion rate.
Monetary framework
Exchange arrangement
MAD is managed around an official reference based on a basket of major partner currencies and an authorized fluctuation band. CurrencyHub's provider rate is a separate dated market reference, not the basket central rate.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for MAD
Bank Al-Maghrib established
Morocco created its modern central bank as part of the post-independence monetary system.
Bank Al-Maghrib - museum and monetary heritageMoroccan dirham introduced
The dirham replaced the Moroccan franc as the national monetary unit.
Bank Al-Maghrib - museum and monetary heritageExchange-rate band reform began
Morocco widened the dirham's permitted fluctuation band as part of a gradual flexibility program.
Bank Al-Maghrib - museum and monetary heritage
Usage and economy
How MAD is used
- Prices, payroll, public accounts and settlement across Morocco.
- North African and European comparisons involving EUR, DZD and TND.
Country currency guides
Banknotes and coins
MAD currency units
Bank Al-Maghrib publishes Morocco's current dirham banknote series and security information.
Bank Al-Maghrib documents Moroccan dirham and centime coins in circulation.
One Moroccan Dirham unit is recorded with 2 decimal places and uses Centime as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
MAD questions
What currency did the Moroccan dirham replace?
MAD replaced the Moroccan franc in 1960 during Morocco's post-independence monetary reform.
Is MAD fixed to one foreign currency?
No. Morocco manages the dirham against a currency basket within an official fluctuation framework rather than one permanent parity.
Why is MAD important in North Africa?
MAD supports Morocco's regional manufacturing, tourism, agriculture, logistics and remittance links with Africa and Europe.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.