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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 Moroccan dirham (Arabic: درهم, romanized: dirham, Moroccan Arabic: درهم, romanized: derhem; sign: DH; code: MAD) is the official monetary currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. One Moroccan dirham is subdivided into 100 santimat (singular: santim; Arabic: سنتيم).
The recorded history of Morocco begins with the Phoenician colonization of the Moroccan coast between the 8th and 6th centuries BCE, [3] although the area was inhabited by indigenous Berbers for some two thousand years before that.
This exchange value of 97.5 piastres to the pound sterling continued until the early 1960s when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. The Egyptian pound continued with its exchange rate of £E = £1 0s 6d sterling until the beginning of the 1960s.
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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 ...