Moroccan Dirham
About Moroccan Dirham
The modern Moroccan dirham was introduced in 1960, replacing the Moroccan franc. The dirham is named after the ancient Islamic coin. Morocco operates a managed float. Moroccan banknotes feature King Mohammed VI and architectural landmarks including the Hassan II Mosque. The dirham is not fully convertible. Morocco has a currency exchange market but with restrictions. The Bank Al-Maghrib was established in 1906 and is one of the oldest central banks in Africa.
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