Morocco currency: The Moroccan dirham explained for bisitors

Morocco’s currency is the dirham, and its international code is MAD. One dirham is divided into 100 centimes. Prices are written with “DH” or “Dhs” after the amount, as in 50 DH, and with the abbreviation د.م. in Arabic. Banknotes and coins are issued by Bank Al-Maghrib and produced by Dar As-Sikkah, its printing works, in Rabat.

The dirham is the only legal tender in the Kingdom, from Tangier to Lagouira. Some hotels quote rates in euros for convenience, but everyday purchases, taxis, markets and restaurants are paid in dirhams.

Between November 2023 and August 2024, Bank Al-Maghrib put a new series of notes and coins into circulation, designed and produced entirely in Morocco. Each note carries the portrait of His Majesty King Mohammed VI and the national coat of arms on the front. Older notes are still seen alongside the new series.

Coins come in 10 and 20 centimes, half a dirham, and 1, 2, 5 and 10 dirhams. The new coin series is themed on agriculture, the environment, cultural diversity, national sovereignty, the development of the Moroccan Sahara and infrastructure. Small coins are useful for parking attendants, public toilets and small purchases.

The dirham is not freely convertible. Exchange operations are governed by the Office des Changes, whose General Instruction on Foreign Exchange Operations sets what travellers may carry and how money may be exchanged. In practice, this has two consequences for visitors.

Non-resident visitors may bring in foreign currency without any limit on the amount. A written declaration is required at the border when banknotes and bearer instruments reach the equivalent of 100,000 dirhams or more, on arrival as on departure. The UK Foreign Office gives the same threshold in its advice for Morocco.

You may also declare smaller amounts. This can help if you need to justify the origin of foreign currency when you leave.

Foreign currency must be exchanged through authorised channels. Euros, US dollars and pounds sterling are accepted by every exchange counter, and most also take other major currencies.

Each exchange gives you a receipt, the bordereau de change. Keep it for the whole stay. Never change money with individuals in the street: the practice is illegal, the rate is rarely better, and counterfeit notes circulate this way.

The dirham is pegged to a basket of two currencies, 60% euro and 40% US dollar, and may move within a band of plus or minus 5% around a central rate. As a result, its value against the euro and the dollar stays relatively stable, while it follows the pound sterling through the euro.

Bank Al-Maghrib publishes reference rates every business day. Exchange offices set their own buying and selling rates around them, so compare two or three displays before changing a large amount. Check the rate on the day rather than relying on a figure found in advance.

Visa and Mastercard are accepted in hotels, larger restaurants, shopping centres and many shops in the cities. Cash remains necessary in the souks, small cafés, taxis, villages and much of the countryside. Cash machines are common in towns and dispense dirhams directly.

Authorised exchange offices may buy back the dirhams you have left at the end of your stay. The operation is made on presentation of the exchange receipt from your initial purchase, and a new receipt is issued for the currency you receive.

The new series includes several security features described by Bank Al-Maghrib. A few seconds are enough to check a note, especially a 100 or 200 dirham note.