Moroccan dirham (MAD)

The Moroccan dirham is the official currency of the Kingdom of Morocco. It is represented by the Arabic symbol درهم or the acronym DH. Its ISO 4217 code is MAD. Although its plural would be “darahim”, in Spanish, French or English it will be understood as referring to “dirhams”.

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As of the date of this update (June 29, 2023), the euro dirham currency exchange rate is:

  • 1 euro = 10.80 dirhams.
  • 10 dirhams = 0.93 euros.

History of the Moroccan dirham

The dirham has been used as the official currency in Morocco and Western Sahara since 1882.

In the 1960s, after the emancipation of Morocco from the French protectorate, the King of Morocco introduced the dirham to replace the French franc with an equivalent of 1 dirham = 100 francs.

Moroccan dirham banknotes and coins

The Central Bank of Morocco (Bank Al-Maghrib) is responsible for issuing banknotes and coins. Since 1987, the coin and stamp factory has been known as Dar As-Sikkah, also in charge of producing the Moroccan passport.

Moroccan dirham coins

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A dirham is divided into 100 cents (also known as “francs”). At present there are 9 different denominations that coexist, after the impressions of 1974, 1987, 2002 and 2011.

  • Cent coins: 10 and 20 cents;
  • Dirham coins: 1/2 dirham, 1, 5 and 10 dirhams.

1 dirham coin

The 1 dirham coin shows the effigy of King Mohammed VI on the obverse and the coat of arms of the royal house on the reverse. Its equivalent value in euros is really small: about 8.3 euro cents in Spanish currency suppliers, in June 2023.

1 dirham coin

1 dirham coin

5 dirham coin

The 5 dirham coin shows the effigy of King Mohammed VI on the obverse and the Hassan II Mosque of Casablanca on the reverse. Its equivalent value in euros is really small: about 43 euro cents in Spanish currency suppliers, in June 2023.

5 dirham coin

5 dirham coin

10 dirham coin

The 10 dirham coin shows the effigy of King Mohammed VI on the obverse. The reverse shows a representation of the city of Qalaat MGouna (Kalaat M’Gouna), a spectacular city in the province of Tinghir, between Ourzazate and Tinejdad.

Its equivalent value in euros is really small: about 86 euro cents in Spanish currency suppliers, in June 2023.

10 dirham coin

10 dirham coin

Moroccan dirham banknotes

Currently there are 5 different denominations of Moroccan dirham banknotes: 10, 20, 50, 100 and 200 dirhams. These banknotes have had 3 circulations: the first in 1987 when Hassan II was the monarch. And the most recent of 2002 and 2012, when his son Mohammed VI was already monarch.

10 dirham banknote

This example of a 10 MAD note (1987) bears the effigy of Hassan II, father of the current King Mohammed VI, and would be equivalent to a change of slightly less than one euro, as we have seen with the one dirham coin.

On the reverse it shows a Moroccan lute and a basin of ablutions for prayer.

10 moroccan dirham banknote

10 moroccan dirham banknote

20 dirham banknote

This example of a 20 dirham note from 2012 bears the effigy of the current monarch Mohammed VI. On the back it shows the Hassan II bridge that connects the cities of Rabat and Salé over the Bou Regreg river. And a sample of the Casablanca mosque. This 20 dirham note would be equivalent to the change of about 1.70 euros in Spanish currency suppliers, in June 2023.

20 moroccan dirham banknote

20 moroccan dirham banknote

50 dirham banknote

The 50 dirham banknote began to be printed with the 1987 series. This one from 2012 shows the effigy of the current monarch Mohammed VI on its obverse. On the reverse it shows the argan tree, an argan oil grinder, the Ouzoud waterfalls and a falcon. Also an ornament inspired by Moroccan rugs.

This 50 dirham note would be equivalent to a change of about 4.30 euros in Spanish currency suppliers, in June 2023.

50 moroccan dirham banknote 2012 Issue

50 moroccan dirham banknote 2012 Issue

Please note that this banknote coexists with the previous banknote in the 1987 series with the effigy of the king’s father, Hassan II. And on its back it shows a kasbah or citadel, from a southern town.

50 moroccan dirham banknote 1987 Issue

50 moroccan dirham banknote 1987 Issue

100 dirham banknote

The 100 dirham banknote began to be printed with the 1987 series. This one from 2012 shows the effigy of the current monarch Mohammed VI on its obverse. On the reverse it shows a view of the Moussem Tan Tan and a Moroccan shop. In the background you can see wind turbines in the desert and an ornament inspired by Moroccan carpets, as a sign of development and tradition.

A moussem is a kind of fair that brings together the Berbers for economic, cultural and social purposes. Tan Tan moussem is the annual gathering of more than thirty tribes from southern Morocco and other parts of northwestern Africa in Tan-Tan, a town in southwestern Morocco.

This 100 dirham banknote would be equivalent to the change of about 8.60 euros in Spanish currency suppliers, in June 2023.

100 moroccan dirham banknote 2012 Issue

100 moroccan dirham banknote 2012 Issue

Please note that this banknote coexists with the previous banknote in the 1987 series with the effigy of the king’s father, Hassan II with a view of the Koutoubia tower minaret (Marrakech). And on its back it shows a representation of the “green march” from the original painting by the painter Ahmed Ben Yessef. The Green March was a peaceful invasion of the Sahara by Morocco on November 6, 1975.

100 moroccan dirham banknote 1987 Issue

100 moroccan dirham banknote 1987 Issue

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200 dirham banknote

The 200 dirham banknote began to be printed with the 1987 series. Here is an example of a 200 MAD banknote from the 2012 series (equivalent to about 17 euros more or less in Spanish currency suppliers, in June 2023 ).

It bears the effigy of the current monarch Mohammed VI on the obverse, and on the reverse an aerial view of the Port of Tangier-Med and the lighthouse at Cape Spartel (Cap Spartel) 14 km west of the city, the place where the waters of the Mediterranean Sea and those of the Atlantic Ocean.

200 moroccan dirham banknote 2012 Issue

200 moroccan dirham banknote 2012 Issue

Note that this banknote coexists with the previous banknote of the 1987 series with the effigy of the king’s father, Hassan II with a view of the mausoleum dedicated to his father, Mohammed V, on the esplanade of the Hassan Tower, in Rabat. And on its back it shows a shell (murex), a coral branch and an Arab boat (dhow).

200 moroccan dirham banknote 1987 Issue

200 moroccan dirham banknote 1987 Issue

Dirham export restrictions

Something you should know is that you should not change a large amount of dirhams in Spain or once in Morocco. And if you do, you better spend or change them there before going back to Spain. And this because at present (2019) it is prohibited to withdraw more than 2,000 dirhams in coins or banknotes from the country. That is, the equivalent to the change of about 190 to 200 euros.

There are also formalities for exchanging your remaining dirhams at a Moroccan currency supplier or bank before you leave Morocco. These are:

-To exchange (sell) up to 2,000 MAD, all you have to do is provide your flight boarding pass.

-If you are going to sell an amount greater than 2,000 MAD, they will ask you to justify the origin of those dirhams by means of an extract from an ATM or a bank receipt for the extraction of those dirhams from your account, a sales invoice that justifies the origin of that money, etc.

Keep that in mind.

For their part, Moroccan residents can exchange up to an annual limit of MAD 45,000. It is what is known there as “dotation touristique” (see website of the Office des Changes).

Euro to Moroccan exchange rate

The change of the euro with respect to the dirham oscillates at all times. If you search in Google for “euro-Moroccan dirham exchange” you will find dozens of websites (“currency converters”) that offer a “rate” of the day.

You will also see this graph with the prices of that pair of currencies from Google Finance. Something like this (June 29, 2023):

Euro to Moroccan dirham exchange rate 29 June 2023

Euro to Moroccan dirham exchange rate 29 June 2023

As you can see, the exchange rate for the last five years has fluctuated between 10.4 and 11.4 dirhams per euro, but keep in mind that this graph represents the value of the Moroccan dirham “currency” against the euro, and not that of real currency, which is lower.

In fact, in currency suppliers in Spain you can buy “dirhams” at an exchange rate of between MAD 8.42 per euro from Cambiator and MAD 7.35 per euro from your airport. Nothing to do with the euro-dirham currency exchange.

So, when you see these values in Google and other currency converters with your mobile, keep this in mind:

-This is an unofficial rate, and therefore unreliable. In other words, if you click on the “Disclaimer” link, you get this warning from Google Finance: “Google cannot guarantee the accuracy of the exchange rates displayed. Please confirm current rates before making a transaction that may be affected by changes in exchange rates.

-These rates that you see are usually wholesale prices of the Moroccan dirham currency against the euro currency (currency and currency are not the same);

-This rate can only be obtained by the banks among themselves, that is, it is impossible to obtain it as an individual.

If you need dirhams in banknotes, you will have to go through the banknote retail market (bank or ecurrency supplier). This market means that the Moroccan dirhams have had to be “transported” by someone for you to enjoy them (or bought from travelers from Morocco, previously passing through Spain).

In other words, moving banknotes from one place to another has logistical costs that will make their sale price more expensive (the exchange rate that will be applied by whoever sells them to you).

The Moroccan dirham is not a very abundant currency in Spain, because its exit from Morocco is quite controlled. For this reason it is not easy to find it available for sale in currency suppliers.

And as a consequence of its scarcity, its rates are more expensive in Spain than in Morocco itself. If you choose to buy dirhams in Spain, it is good to anticipate the purchase and order them online to obtain a better rate.

Where to exchange Moroccan dirhams

The 3 most popular places to exchange MAD in Spain are banks, currency suppliers and the airport.

The 4 big Spanish banks change dirhams (BBVA, Caixabank, Santander and Sabadell), but be careful because they charge you a commission that will be around 2.5 to 3%. This means that if you change 1000 euros to dirhams, they will charge you 25 to 30 euros, which will apply the change to 970-975 euros, not the original 1000 euros.

Of them, the least recommended place to buy is the airport and any business that charges you a commission in addition to an “exchange margin” (difference between the price for which you paid the currency and the price for which it is sold to you).

Euro to Moroccan dirham exchange rate today

To find out the euro-dirham exchange rate, the best thing you can do is use our currency comparator.

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Dirham marroqui, MAD

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Dirham marroqui, MAD

MAD

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