Moroccan Dirham

MAD is the currency of Morocco. It is divided into 100 centimes and is subdivided into 20 dirhams. The dirham is the official unit of currency in Morocco, and has been since 1882. The name derives from the Greek word "drachmae", meaning "handful". The dirham was introduced as a circulating currency in 1882, replacing the French franc. The dirham is issued by the Bank Al-Maghrib, the central bank of Morocco. The Moroccan dirham is pegged to the euro at a rate of 1 EUR = 10.50 MAD. The dirham is a fully convertible currency, and there are no restrictions on its import or export. The Moroccan dirham is a popular currency for tourists visiting Morocco, as it is easily exchanged for other currencies. There are a number of currency exchange bureaux located in major tourist areas, as well as banks and ATMs where dirhams can be withdrawn. The dirham is also used by a number of other countries in the Maghreb region, including Algeria, Tunisia and Mauritania.