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 |
| S&P Rating |
| BB |
|
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.
What does it look like?
Political Structure
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.
Prominent Figures
King: Muhammad VI
Prime Minister: Driss Jettou
Governor of Morocco's Central Bank, Bank Al-Maghrib: Abdellatif Jouahri
Unique Characteristics
The Moroccan Dirham's currency basket weighs the strength of the euro in heavily. When the euro is strong, the appreciation of the Dirham is attributed to the euro. In December 2004, the Dirham reached the strongest rate it had seen in 10 years (in real terms) because of the strength of the euro at the time. In addition, Morocco's trade deficit has been worsening because of rising imports and the stronger Dirham keeps the inflationary impact of this to a minimum.
Key Economic Factors
Economic Overview: 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.
Industries: Phosphate rock mining and processing, food processing, leather goods, textiles, construction, and tourism.
Agricultural Products: Barley, wheat, citrus, wine, vegetables, olives, and livestock.
Export Commodities: Clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, and vegetables.
Import Commodities: 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.
Have additions or corrections to this material? 
