Macedonian Denar flag

Macedonian Denar

Денар

Currency Code

MKD

ISO 807

Symbol

MKD

Native: ден

Decimal Digits

2

Rounding: 0

Countries

MK

Using this currency

Currency Units

Major Unit

Name: denar

Symbol: ден

Minor Unit

Name: deni

Symbol:

Value: 0.01

Banknotes

Frequently Used

10 ден50 ден100 ден200 ден500 ден1000 ден2000 ден

Coins

Frequently Used

1 ден2 ден5 ден10 ден50 ден

Plural Forms

English Plural

Macedonian denari

Native Plural

Денари

Overview

The Macedonian Denar is the currency of North Macedonia, managed by the National Bank of North Macedonia. It has been pegged to the euro since 2002 and the country is working toward EU membership and eventual eurozone adoption.

Economy

  • North Macedonia is a member of NATO, EU candidate, Council of Europe, OSCE, CEFTA.
  • Main industries include: Food processing, Beverages, Textiles, Chemicals, Iron, Steel, Cement, Energy, Pharmaceuticals, Automotive parts.
  • North Macedonia is part of the World Trade Organization.
  • Imports are machinery, automobiles, chemicals, fuels, food products.
  • Major exports include foodstuffs, beverages, tobacco, textiles, miscellaneous manufactures, iron, steel, automotive parts.
  • GDP: $14.9 billion (2023 est.).
  • GDP per capita: $7,171 (2023 est.).
  • Unemployment rate: 13.6% (2023 est.).
  • Inflation rate: 9.6% (2023 est.).
  • Main trading partners: Germany, United Kingdom, Greece, Serbia, Italy, Bulgaria.
  • Trade agreements: CEFTA, EU SAA, Various bilateral agreements.

History

  • Previous currencies used: Yugoslav dinar, Various historical currencies.
  • The denar was introduced in 1992 after Macedonia's independence from Yugoslavia. It was named after the ancient Roman coin denarius.
  • 1992: MKD introduced, replacing Yugoslav dinar
  • 1994: National Bank established
  • 2002: Peg to euro established
  • 2005: EU candidate status achieved
  • 2018: Prespa Agreement with Greece
  • 2020: NATO membership achieved
  • Exchange rate peg: EUR (2002-present) at 61.5 MKD = 1 EUR.
  • Currently pegged to EUR at 61.5 MKD = 1 EUR.

General Information

  • ISO 4217 Code: MKD
  • Symbols: MKD/ден
  • Currency Subunits: 100 deni
  • Central Bank: National Bank of the Republic of North Macedonia
  • Monetary Policy: Currency board system maintaining EUR peg. Focus on price stability and supporting EU accession process.
  • Bills: 10 MKD, 50 MKD, 100 MKD, 200 MKD, 500 MKD, 1000 MKD, 2000 MKD, 5000 MKD
  • Coins: 50 deni, 1 denar, 2 denari, 5 denari, 10 denari, 50 denari
  • USD Exchange Rate: Variable (approximately 57 MKD per USD)
  • Pegged To: EUR at 61.5 MKD = 1 EUR
  • Capital: Skopje
  • Population: 2,085,679 (2023 est.)
  • Area: 25,713 km²
  • Languages: Macedonian (official), Albanian (official), Turkish, Romani, Serbian
  • Time Zones: UTC+1 (CET), UTC+2 (CEST in summer)
  • Government Type: Parliamentary republic
  • Head of Government: President (head of state), Prime Minister (head of government)
  • Independence: September 8, 1991 (from Yugoslavia)
  • Ethnic Groups: Macedonian 64.2%, Albanian 25.2%, Turkish 3.9%, Romani 2.7%, Serbian 1.8%, Other 2.2%
  • Religions: Macedonian Orthodox 64.8%, Muslim 33.3%, Other Christian 0.4%, Other 1.5%
  • Literacy Rate: 97.8% (2015 est.)
  • Transport: Skopje International Airport, road networks, rail connections to Greece and Serbia, landlocked
  • Communications: Good telecommunications, 79% internet penetration, comprehensive mobile coverage
  • Energy: Coal 45%, Hydroelectric 28%, Natural gas 20%, Renewables 7%
  • Countries Using This Currency: North Macedonia
  • Data Sources: Central Bank: National Bank of North Macedonia (nbrm.mk), Economic Data: State Statistical Office North Macedonia, World Bank, IMF, Trade Data: Customs Administration North Macedonia, Demographic Data: State Statistical Office North Macedonia, Geographic Data: Hydrometeorological Service, Historical Data: National Bank archives
  • Last Updated: 2025