1 RMB (Chinese Yuan Renminbi - CNY) is approximately equal to 1.518 MAD (Moroccan Dirham). It is the official currency of Morocco. Dirham is considered a wholly convertible currency, and its export is prohibited by law. The issue of MAD (Moroccan Dirham) currency is controlled by the Central Bank of Morocco, the Bank Al-Maghrib. The Dirham is also the de facto currency in Western Sahara. The Dirham replaced the Moroccan Franc in 1960, with 1 Dirham = 100 Francs.