Moroccan Dirham (MAD)
The Moroccan dirham is a managed currency used in Morocco. Bank Al-Maghrib sets a reference rate against a basket in which the euro and the dollar dominate.
The latest available mid-market reference is 1 MAD = 0.1020 USD. The table below shows the same rate against the other major currencies.
Key facts
Structural details reviewed . Regimes and issuing arrangements can change.
The role of the Moroccan Dirham
Morocco's trade is closely tied to Europe, and the dirham's basket is weighted mainly to the euro and the dollar. Tourism and remittances are the largest sources of foreign exchange, followed by phosphate and automotive exports.
A short history
The dirham was introduced in 1960 and has been managed against a basket since the 1970s. The central bank has widened the band in stages since 2018.
What moves the Moroccan Dirham
Tourism receipts, remittances from Moroccans abroad, phosphate and automotive exports, and the euro-dollar exchange rate. Because the dirham is not fully convertible, the onshore rate is set by the central bank and local banks.
Live MAD exchange rate
| Currency | 1 MAD equals |
|---|---|
| US Dollar (USD) | 0.1020 |
| Euro (EUR) | 0.091803 |
| British Pound (GBP) | 0.076761 |
| Japanese Yen (JPY) | 16.2733 |
| Chinese Yuan (CNY) | 0.6821 |
| Indian Rupee (INR) | 9.5746 |
| Canadian Dollar (CAD) | 0.1453 |
| Australian Dollar (AUD) | 0.1489 |
| Swiss Franc (CHF) | 0.084863 |
Mid-market rate updated . Banks and transfer providers add a margin. About our rates.
MAD conversion pages
Guides for Moroccan Dirham
Other currency profiles
Moroccan Dirham questions
What is the Moroccan Dirham?
Moroccan Dirham (MAD) is used in the following countries and territories: Morocco. Central bank: Bank Al-Maghrib. Exchange rate regime: managed float inside a band.
Which countries use the Moroccan Dirham?
The Moroccan Dirham is used in the following countries and territories: Morocco.
What affects the Moroccan Dirham exchange rate?
Tourism receipts, remittances from Moroccans abroad, phosphate and automotive exports, and the euro-dollar exchange rate. Because the dirham is not fully convertible, the onshore rate is set by the central bank and local banks.