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Currency refers to the money of a country. The currency of Morocco is the Dirham. It consists of coins and banknotes. Currency is often used synonymously with the term "money". Hence, currency is the unit used to measure the prices of goods and services. There are two types of currencies:
Fiduciary money
It consists of coins and banknotes. The word "Fiduciary" comes from the Latin word “fiducia”, meaning trust.
In Morocco, fiduciary money is manufactured by Bank Al-Maghrib, the only institution which has the privilege of issuing currency, also called the “Currency issuing institution”.
Dar As-Sikkah, which operates under Bank Al-Maghrib, manufactures coins and banknotes in circulation.
Bank money
Bank money refers to money deposits in bank accounts. This money is called "Scriptural" because the currency is represented by entries in bank accounts. It thus represents another form of currency.
This currency flows between economic units through means of payment.
Payment means
Besides coins and banknotes, we can make our purchases through other means, such as the cheque, the credit card or the bank transfer.
The Cheque
The cheque is a means of payment with which an account holder orders his bank to pay the beneficiary the amount written on the cheque. This amount must be available on his account, otherwise, the cheque is considered bounced, and the person issuing the cheque becomes in a situation of payment incident.
By opening a bank account, one can obtain a cheque book in one’s name as of the age of 18.
The Bank card
Just like the cheque book, one can obtain the bank card by opening a bank account. The credit card is a convenient means of payment used to pay for direct or online purchases, to withdraw cash from ATMs, to make transfers and to know the balance of one’s bank account.
The bank transfer
It allows transferring money from one account to another. Often, employees receive their salaries through transfer by their employer.
In Morocco, money is produced by Bank Al-Maghrib, more specifically by Dar As-Sikkah. Bank Al-Maghrib is the only institution that can produce money in Morocco. This is why Bank Al-Maghrib is also called the Currency issuing Institution.
