Hello, I'm an expert in international finance and currency regulations. Let's dive into the topic of whether Morocco's currency, the Dirham, is considered a closed currency. A closed currency, also known as a non-convertible currency, is a type of currency that cannot be exchanged for foreign currencies outside of the issuing country. This is often a measure taken by countries to control the flow of foreign exchange and protect their economy from external shocks. There are various degrees of restriction associated with closed currencies, and the rules can change over time. The Dirham, denoted by the symbol DH or MAD (Moroccan Dirham), is the official currency of Morocco. It's important to understand the nuances of how the Dirham operates in terms of international transactions to determine if it is indeed a closed currency. Based on the information provided, it's stated that "The Dirham is officially designated as a closed currency meaning it can only be traded within Morocco." This suggests that there are restrictions on the Dirham's convertibility outside of Morocco, which is a characteristic of a closed currency. However, the same source also mentions that "Dirhams are being sold and bought in travel agencies and at major airports in several countries." This indicates that there is some level of convertibility, albeit potentially limited, outside of Morocco. The ability to exchange the Dirham in travel agencies and airports abroad suggests that while there may be restrictions, they are not absolute. It's common for countries with closed currencies to allow for limited exchange in places frequented by tourists and travelers to facilitate international travel and business. Furthermore, the statement "You can change as many Dirhams as you have left" implies that there is a provision for exchanging leftover Dirhams, which is another indication that while there are controls, there is also a mechanism for converting the currency to a certain extent. In practice, the designation of a currency as 'closed' can be complex and may involve specific regulations regarding who can exchange it, where, and under what conditions. It's also subject to change based on economic policies and international agreements. For instance, some countries may allow their currency to be traded within a controlled framework or only through certain authorized institutions. To summarize, while the Moroccan Dirham does exhibit characteristics of a closed currency by having restrictions on its exchange outside of Morocco, it is not entirely closed off to international transactions. The availability of Dirham exchange services in travel agencies and airports abroad, along with provisions for exchanging leftover currency, suggests a level of convertibility that is regulated rather than completely prohibited. It's always advisable to check the most current and official sources or consult with financial experts before making any financial decisions related to foreign currencies, especially when dealing with currencies that have restrictions or special conditions attached to them. read more >>

The Dirham is officially designated as a closed currency meaning it can only be traded within Morocco , however, Dirhams are being sold and bought in travel agencies and at major airports in several countries. ... You can change as many Dirhams as you have left.read more >>