Economics

What Is the Currency of Macedonia?

The official currency of Macedonia is the Macedonian denar.

The Republic of Macedonia is a Balkan nation in southeast Europe. Macedonia was previously part of the former Yugoslavia, and became an independent country in 1991. The official currency used in Macedonia is the Macedonian denar. The denar used the code MKD, the symbol den, and is subdivided into 100 deni. The name of the currency is derived from the word denarius, which is an ancient Roman monetary unit. The denar is issued by the National Bank of the Republic of Macedonia.

History

The first Macedonian denar was introduced on April 26, 1992. This new currency served as a replacement for the Yugoslav dinar, and the Serbian dinar that came before it. The first denar was purposefully introduced to ensure there was monetary independence in the newly created Republic of Macedonia. A national bank was established on April 26, 1992 and denar was declared the national currency. On the following day, notes were introduced and began to circulate. Three days later, the Yugoslav dinar was no longer used as a legal tender.

First Macedonian Denar

The first denar was used between 1992 and 1993. No coins were ever issued. However, temporary banknotes were issued, which were commonly referred to as value coupons. The printing of these notes began on January 15, 1992, and they were introduced into the economy one day after the establishment of the national bank. A printing firm named “11 October” was responsible for designing and producing the notes. The six lowest denominations were identical in all aspects, except the color. This invariability was due to the limited time and budget provided. The banknote design featured two women and a man picking tobacco, as well the Makedonium monument, which is located in Kruševo.

Second Macedonian Denar

A second Macedonian Denar was introduced in May 1993. The central bank issued coins in denominations of 1, 2, and 5 denari, as well as 50 deni. Coins valued at 10 and 50 denari were later introduced in November 2008. Due to the small number of 50 deni coins produced, it was withdrawn from circulation in 2013. The denar coins were minted by the Suvenir factory, which is located in Samokov. Three commemorative coins, the 1, 2, and 5 denari, were struck in honor of the Food and Agriculture Organization of the United Nations (FAO). Second denar banknotes were issued in denominations of 10, 20, 50, 100, and 500 denari. Three years later, 1000 and 5000 denari notes were issued. In 2016, the central bank introduced 200 and 2000 denari notes, with an aim of withdrawing the 5000 denari banknote.

Currently, the most frequently used banknotes in Macedonia are the 10, 50, 100, 200, 500, 1000, and 2000 denari notes. The 5000 denari note is rarely used. The 1, 2, 5, 10, and 50 denari coins are most popular.

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