Converting from Israeli Shekel (ILS) to Moroccan Dirham (MAD) | Currency

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel and the Palestinian territories. The symbol for the Shekel is ₪, and it is often abbreviated as NIS (New Israeli Shekel) to distinguish it from previous versions of the currency. One shekel is subdivided into 100 agorot.

The Shekel is a modern currency that has been in use since 1985, following the economic reforms in Israel that aimed to stabilize the economy and curb inflation. The Bank of Israel is responsible for issuing the currency and maintaining its value. The value of the shekel can be affected by various factors, including geopolitical stability, economic performance, and monetary policy decisions.

The ILS is commonly traded in international markets, and conversion rates fluctuate based on supply and demand dynamics. It is essential for travelers and businesses engaging in trade between Israel and other nations to be aware of the current ILS exchange rate.

What is Moroccan Dirham (MAD)

The Moroccan Dirham (MAD) is the official currency of Morocco. Its symbol is د.م. or sometimes abbreviated as MAD. The Dirham is subdivided into 100 centimes. The currency has been in use since 1882, although the modern form was introduced in 1960, following the country's independence from France.

The Central Bank of Morocco, known as Bank Al-Maghrib, is responsible for issuing the Dirham and regulating its value. The Dirham is pegged to a basket of currencies, which helps stabilize its value against major currencies like the US dollar and the Euro. This peg provides a level of predictability for both domestic and international transactions.

When converting currencies, it's important to understand that exchange rates can vary. The MAD is not as widely traded as some major currencies, which means that the conversion rates can differ significantly between banks, money exchange services, and online platforms.

Converting ILS to MAD

To convert Israeli Shekels (ILS) to Moroccan Dirhams (MAD), one would typically look at the current exchange rate. For example, if the exchange rate is given as:

1 ILS = x MAD

To convert an amount in Shekels to Dirhams, you would use the formula:

Amount in MAD = Amount in ILS × x

For accuracy, always check current rates through financial news or banking institutions prior to making any conversions.

Understanding these currencies helps ensure smooth transactions whether you are traveling or doing business between Israel and Morocco.