Start of issuance of milled silver coins in units of the Moroccan Riyal ("Riyal Hassani"): - Weight 29.116 grams silver 0.900 (= 26'204.40g AG fine) - Traded at par with the 5 French Francs, 5 Spanish Pesetas and 20 Spanish Real.
??.??.1893
AH:??.??.1310
Start of issuance of milled subsidiary coins in units "Muzuna" (= 1⁄500 Riyal)
??.??.1901
AH:??.??.1320
Weight reduction of the silver coins of the Moroccan Riyal ("Riyal Azizi") to 25.00 grams silver 0.900 (= 22'500.00g AG fine)
07.04.1906
Treaty of Algeciras places Morocco under financial supervision by Germany, United Kingdom, France and Spain. The Spanish Peseta ("Peseta Hassani") becomes legal tender against which the value of the Moroccan silver coins fluctuated; effective 18.06.1906
27.11.1912
Treaty between France and Spain on the creation a joint protectorate over Morocco, the country is divided into a French and Spanish zone; effective immediately
Sultan's decree on the creation of the new currency; effective 21.06.1920 (AH:04.10.1338)
21.06.1920
Start of currency exchange: - 21.06.1920: Start of issuance of the new banknotes and coins - The Moroccan silver coins were exchanged per bullion, the official exchange ratios were applied to deposits and contracts only - 04.03.1921: Demonetization of the Moroccan and Spanish currencies
around 1925
Production of two banknotes in the name of the "State Bank of the Riff" for a spurious "Riff State" in units of a "Riffan" at 1⁄24 British Pound (in gold); they were created by the british adventurer Capt. Charles Alfred Paroy "Percy" Gardiner to promote the Moroccan insurrection against the European colonization.
02.04.1958
Start of integration of the Southern Spanish protectorate into independent Morocco: - 29.10.1958: Demonetization of the Spanish currency and exchange at a rate of 1 Spanish Peseta = 10 Moroccan Francs.
Valuation Regimes
1920-1958
Fixed rate against French Franc (1803)
1958-1959
Fixed rate against US Dollar (Morocco did not follow the French devaluation of 27.12.1958)
Rate Arrangements
21.06.1920
Fixed
French Franc (1803) at 1 : 1
-
28.12.1958
Fixed
US Dollar at 1 : 420
±0.0%
Time Period: 1965-
Currency: Moroccan Dirham
Transition
1 : 100
Sub-units
Dirham / 100 Cents
ISO4217
MAD
Timeline
17.10.1959
AH:15.04.1379
Royal decree on the currency reform; effective immediately
19.10.1959
Start of currency exchange: - 19.10.1959: Start of issuance of the new banknotes and coins - 31.12.1960: Demonetization of the former currency
Valuation Regimes
1959-1973
Fixed rate against US Dollar
1973-
Variable rate
Rate Arrangements
17.10.1959
Fixed
US Dollar at 1 : 5.060 - [Gold parity] 175.61mg AU fine