Banks in Europe do not usually have dirhams (they are not traded on the currency market) and if they do they make a bad change. moneygram It is recommended to change Euros to Dirhams in Morocco or at the borders.
The Dirham is divided into 100 cents. Tickets of 200, 100, 50, 20, and coins of 10, 5, 1, (silver color) and smaller amounts (0, 1, 0, 20 and 0, 5) gold color circulate.
As a rule, the bills are usually very grounded and sometimes in poor condition, since most economic transactions are made with money, using little other forms of payment, such as cards.
Change and payments:
Banks in Europe do not usually have dirhams (they are not traded on the currency market) and if they do they make a bad change. It is recommended to change Euros to Dirhams in Morocco or at the borders.
Ways to Change:
On the border: In the land borders of Ceuta and Melilla there are usually people who live from this trade of change. They are the ones that offer the best changes and are generally safe. As a precaution, do not deliver the Euros until they give us the change and we check it, to avoid missing a ticket.
In customs and airports there are usually exchange offices, often related to a bank. They have a worse change, but an official receipt is given, which can be useful if we change a lot of euros.
In the interior of the country: In almost all cities there are exchange offices, centrally located and sometimes in shops during trade hours, usually at a good price, so it is also a good alternative Bank offices can be changed, although with limited hours. In almost all hotels you can change currency, at a lower price.
How to pay:
In almost all shops admit to pay with Euros, but in these cases usually make the change of 10 Dirhams for 1 Euro. When they are small amounts it is of little importance, but if the item is expensive, it supposes an additional cost of 10%.
A good alternative to pay when it is a moderate amount, (example starting from 500 Dirhams), is to use the card. They usually make a good change, always in serious establishments. ATMs can be dangerous, if they do not return the card, it is better not to use them.
Rabat – The Moroccan Dirham edged higher by 0. 74% against the Euro and by 1. 1% against the US Dollars between March 10-16.
Between March 17-18, the Moroccan dirham continued to increase in value against the Euro, going from MAD 10. 8237 to MAD 10. 8149 per €1, a 0. 08% increase in value, according to data from Morocco’s central bank, Bank Al-Maghrib (BAM).
After showing signs of recovery against the US Dollar, the Moroccan dirham is likely to return to a downward trajectory following news of the US Federal Reserve approving a 0. 25% hike in interest rate earlier this week.
The us central bank’s decision to increase interest rates is the first of its kind since 2018. As the US Dollar is the primary currency for foreign trade transactions, the move will likely affect trade balances worldwide including in Morocco.
The us Federal Reserve had announced plans to increase interest rates in 2021 in an attempt to bring down inflation.
The inflation rate in the us is dangerously approaching the 8% threshold as it stood at 7. 9% as of March 10, according to data platform TradingEconomics.
Increased government spending as a result of COVID-induced increase in healthcare spending, including vaccine purchase, has shot up inflation rates worldwide.
With most governments having invested in maintaining companies and individuals financed throughout the COVID-19 productivity hiatus, economic stimulus packages have also contributed to the rise in global inflation rates.
Anticipating the Federal Reserve’s decision to increase interest rates, the us Dollar reached its highest level in the past seven months, driving up the exchange rate against the Moroccan Dirham.
Read Also: US Dollar Continues to Edge Higher Against Moroccan Dirham
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