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It replaced a system consisting of copper falus, silver dirham and gold benduqi. In Spanish Morocco, the rial was replaced by the Spanish peseta in 1912 at a rate of 1 rial = 5 pesetas. In French Morocco, the rial was replaced in 1921 by the franc at a rate of 1 rial = 10 francs.
By mid-century, Morocco was in a monetary crisis caused by the decline in value of its currency. [2]: 32 Traditionally, the monetary system in Morocco consisted of a golden mithqal (مثقال), divided into ten uqiyyahs (أوقية), each of which was divided into four muzunas (موزونة), each of which was divided into 48 copper or bronze fils (فِلس).
The treaty granted several rights to British subjects in Morocco, and lowered Moroccan customs tariffs to 10%. [125] The treaty prolonged Moroccan independence while opening up the country to foreign trade, along with reducing the Makhzen 's control over the Moroccan economy .
The new 5 dirham coin was bimetallic, as was the 10 dirham coin introduced in 1995. Cupro-nickel 2 dirham coins were introduced in 2002. In 2012, a new series of coins has been issued, with the 5 and 10 dirham coin utilizing a latent image as a security feature. [citation needed]
The word "dirham" (درهم) comes from drachma (δραχμή), the Greek coin. [2] "Dirham" is also the name of the currency in use in Morocco today. Idris I was the founder of the Idrisid dynasty. [3]
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As this territory is mostly controlled by Morocco, the circulating currency in that part of the country is the Moroccan dirham, with Algerian dinars and Mauritanian ouguiyas circulating alongside the Sahrawi peseta in the Sahrawi refugee camps and the SADR-controlled part of Western Sahara.
Decree n° 1.59.233 of 30 June 1959 created the Banque du Maroc, which took over the issuance of money the next day, and replaced the State Bank of Morocco. In October, the Banque du Maroc issued a new currency, the Moroccan dirham. The Banking Act of 21 April 1967 enhanced the role of "Banque du Maroc", particularly in the field of banking ...