The currency in Morocco is called the dirham and is much cheaper than the euro. The abbreviation for dirham (available in notes and coins) is DH. The Dirham notes are available as 10, 20, 50, 100 and 200 DH. The coins are 5, 10, 20 ½, 1, 2, 5 and 10 dirhams. The inflation rate is around 2 percent (as of 2012). It is often supposed that the import and export of dirhams is prohibited in Morocco in principle – but it looks a little different. In the following text you will find some information about the dirham.
History of the Dirham
In December 1971 the UAE (United Arab Emirates) became – and this point in time also counts as the starting point for the introduction of the dirham. The Dirham currency has been pegged to the US dollar since the 1980’s. This means that the exchange rate is set by the state – it is AED 3.6725 for one US dollar. However, the dirham is variable against other currencies (for example the euro) and can be checked at any time. The ISO 4217 (international currency abbreviation) code is MAD.
Import and export restrictions
The import and export of the dirham is strictly controlled by law – only up to 1,000 Moroccan DHs are accepted. If you want to change your money, you can do it yourself at many exchange offices such as at the banks (the “Banque Marocaine du Commerce Exterieur” with its longer opening times is known above all) and works smoothly. Hotels as well as main train stations, airports and other public facilities offer currency exchange. However, it should be ensured that the currency exchange is not tolled at street vendors. Credit cards and travelers checks are also accepted, as cash payments in euros or US dollars are rarely possible.
Important: Since the banks in Morocco do not even exchange the dirham back into their own currency, you should make sure that you only convert as much euros into dirhams as you think you will have to spend for the time. Even if you get the money back in your currency in some cases, it is possible that the exchange rate when you exchange it back is very unfavorable.