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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 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 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.
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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.
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 ...
The Moroccan Dirham has been historically pegged to a basket of currencies including the Euro and the US Dollar. In 2015, the Central Bank updated the weights of the peg to 60% for the Euro and 40% for the US dollar, against respectively 80% and 20% previously, to better reflect the current structure of foreign trade of the country. [54]