What is the Moroccan Dirham (MAD)?
Credit Ratings & Outlook
In the latest credit ratings from December 1970, Moody's gives Morocco a Ba1 rating, with a stable outlook. Fitch has a stable outlook with a BBB- rating. Finally, S&P last issued a BBB- rating, with a stable outlook.
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 3.00%. This is the same as 2011, which was 3.25%.
In 2010 the total GDP was $90,804,562,195 in US Dollars, while the per capita GDP was $2,795. It grew by 3.68% over the previous year.
The latest unemployment rate for 2010 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 111.48.
The current head of the government is Prime Minister Abdelilah Benkirane, and the head of state is King Mohammed VI (in an executive role).
The Moroccan Dirham, denoted by MAD, is the official currency of Morocco. Made up of 100 centimes per unit, the currency is issued by the Bank Al-Maghrib (Morocco’s central bank). Historically, the Moroccan Dirham originates from the Byzantine Empire’s Drachm, and was used in Arabia and the Levant in pre-Islamic times. The name “Dirham” stems from the Roman word “denarius.”
- Moody’s Rating
- Ba1, 10 Dec 2001
- S&P Rating
What does it look like?
The government of the Kingdom of Morocco is structured as a constitutional monarchy, with a Parliament and an independent judiciary. Ultimate authority rests with the King, who presides over the Council of Ministers, appoints the Prime Minister following legislative elections, appoints all members of the government (heeding recommendations from the Prime Minister), and-at his judgment?may terminate the tenure of any minister, dissolve the Parliament, call for new elections, or rule simply by declaration. The legislature of Morocco, since constitutional reform in 1996, is bicameral and consists of a lower chamber, the Chamber of Representatives, and an upper chamber, the Chamber of Counselors. The former is directly elected while members of the latter are indirectly elected through various regional, local, and professional councils (and council members are directly elected). The highest court in the judicial structure of Moroccan government is the Supreme Court, whose judges are selected by the King. Morocco is divided into 16 administrative regions, which are administered by the Walis, and the King appoints the governors.
Chief of State King MOHAMMED VI (since 30 July 1999) Head of Government Prime Minister Abbas EL FASSI (since 19 September 2007) Cabinet Council of Ministers appointed by the monarch Elections the monarch is hereditary; prime minister appointed by the monarch following legislative elections
Key Economic Factors
Morocco’s main economic problems are those characteristics of the typical developing country: restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. In 2002, substantial droughts depressed activity in the key agricultural sector, contributing to a stagnant economy. Morocco reported large inflows of foreign exchange from the sale of a mobile telephone license as well as partial privatization of the state-owned telecommunications company and the state tobacco company. Favorable rainfall in 2003 led to a growth of 6%. Morocco’s longer-term challenges include preparing the economy for freer trade with the EU and US, improving education, and attracting foreign investment to boost living standards and job prospects for Morocco’s youth.
Phosphate rock mining and processing, food processing, leather goods, textiles, construction, and tourism.
Barley, wheat, citrus, wine, vegetables, olives, and livestock.
Clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, and vegetables.
Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, and plastics.
Chief Foreign Trade Partners:
France, Spain, Italy, Germany, the United States, and the United Kingdom.
1 Moroccan Dirham to:
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- Other Currencies Accepted: All major currencies
- Currency Peg:No
- Black Market for Currency:Yes
- Currency Volatility:unknown
- Estimated GDP Per Capita:6.7 billion (2009 est.) 9.6 billion (2008 est.) 1.5 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Arabic (official), Berber dialects, French often the language of business, government, and diplomacy