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Macedonian denar

Currency of North Macedonia

"Denar" redirects here. For other uses, see Denar (disambiguation).

Macedonian denar
македонски денар (Macedonian)
Obverse of a 10 denars polymer banknote (2018)
ISO 4217
Code	MKD (numeric: 807)
Subunit	0.01
Unit
Plural	denari (Macedonian: денари, lit. 'denars')
Symbol	den (Macedonian: ден)‎
Denominations
Subunit
1⁄100	deni (Macedonian: дени; no longer used, still redeemable at the National Bank of North Macedonia)
Banknotes
Freq. used	10 MKD, 50 MKD, 100 MKD, 200 MKD, 500 MKD, 1,000 MKD, 2,000 MKD
Coins
Freq. used	1 MKD, 2 MKD, 5 MKD, 10 MKD, 50 MKD
Demographics
Replaced	Yugoslav dinar
User(s)	North Macedonia
Issuance
Central bank	National Bank of the Republic of North Macedonia
Website	www.nbrm.mk
Valuation
Inflation	4.5% (CPI)
Source	stat.mk, June 2025

The denar (Macedonian: денар; plural: denari / денари; abbreviation: den / ден; ISO code: MKD) is the currency of North Macedonia. Though subdivided into one hundred deni (дени), coins with a denomination of less than one denar have not been in use since 2013.

History

The first denar was established as a temporary currency on 26 April 1992 ^[1] in the then-Republic of Macedonia, replacing the 1990 version of the Yugoslav dinar at a 1:1 parity. In May 1993, the currency was reformed and a new denar was introduced, with one new denar being equal to 100 old denars.

Etymology

The name denar comes from the name of the ancient Roman monetary unit, the denarius. The abbreviation is ден, the first three Cyrillic letters of its name.

First denar (1992–1993)

The first denar was a temporary currency introduced on 26 April 1992 to replace the Yugoslav dinar at 1:1 parity and establish the monetary independence of Macedonia.

History

Macedonia declared independence from Yugoslavia on 8 September 1991. At the time, the country was using the Yugoslav dinar. But secret preparations were begun to introduce its own currency, and by April 1992, Macedonia was ready to acquire monetary independence from Yugoslavia. On 26 April, the National Bank of Macedonia was established and the denar declared the national currency. Notes in the form of "value coupons" entered circulation the following day, and on 30 April 1992, the Yugoslav dinar ceased to be legal tender.^[2] In May 1993, the first denar was replaced at a rate of 100 to 1 by a new, permanent denar consisting of notes and coins.

Coins

No coins were issued for the first denar.

Banknotes

Temporary notes ("value coupons") were introduced on 27 April 1992, although preparations for producing them began much earlier. The notes remained in circulation until they were replaced by permanent notes of the second denar in 1993.

Production

Printing of the notes started on 15 January 1992 at the “11 October” printing firm in Prilep. The difficulties of creating a new currency in secret were reflected in the notes themselves. The paper, purchased from Slovenia, proved to be of poor quality and lacked adequate security. Although denominated in denari, the name of the currency did not appear on the notes because they were printed prior to the adoption of the Law on the Monetary Unit. Likewise, the issuer appeared as the "National Bank of Macedonia", not its successor, the National Bank of the Republic of Macedonia.^[3]

Design

The notes were designed by a young employee of the "11 October" printer, who had only one week and a limited budget to design them. Thus the six lowest denominations were identical, with the exception of their colours. All featured a man and two women picking tobacco leaves on the front, with the back devoted to the Ilinden monument in Kruševo, which, according to the bank, “expresses the eternal fight of citizens of Macedonia for life in peace and freedom.”

Banknotes of the first denar
Image		Value	Dimensions	Watermark	Description		Date of
Obverse	Reverse	Value	Dimensions	Watermark	Obverse	Reverse	printing	issue	withdrawal	lapse
		10 DEN	143mm × ? mm	Design	Women gathering tobacco	Monument Makedonium in Kruševo	1992	27 April 1992	10 May 1993^[4]	?
		25 DEN							10 May 1993^[4]
		50 DEN*							31 August 1993^[4]
		100 DEN
		500 DEN
		1,000 DEN							30 November 1993^[4]
		5,000 DEN			Monument Makedonium in Kruševo	Girl in front of a computer
		10,000 DEN			Panorama of the Church of St. Sofia, Ohrid	Men dancing and the monument Makedonium in Kruševo
These images are to scale at 0.7 pixel per millimetre (18 pixel per inch). For table standards, see the banknote specification table. After 10 May 1993 these banknotes remained in circulation at 1⁄100 of their nominal value.^[4]

Exchange rates

The denar was introduced with a fixed exchange rate of 360 denars to the Deutsche Mark.^[2] There was a devaluation in October 1992 and change to the basket peg, new devaluation in December 1992 and abandonment of the peg in mid-1993.^[5]

Second denar (1993–present)

Coins

First series (1993)

In May 1993, coins for the second denar were introduced in denominations of 50 deni, and 1, 2, and 5 denars. The coins were designed by Dimče Boškoski and Snežana Atanasovska. In November 2008, 10 and 50 denar coins were introduced, while the 50 deni coin was withdrawn in 2013. Due to its low mintage, it had only been struck in 1993 and was practically never seen in circulation.^[6]

Since 1996, a large number of commemorative coins have been issued for collectors; a listing can be found on the national bank website.^[7]

Coins are minted at the Suvenir factory in Samokov, a village near Makedonski Brod.

Coins of the denar (1993–present)^[8]
Image	Value	Technical parameters			Description			Date of
Image	Value	Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal	lapse
	50 deni	21.5 mm	4.1 g	CuZn15	Plain	Value, Stylized horizont with a 16-ray sun	РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Flying seagull	1993	10 May 1993	1 January 2013^[9]	Indefinitely*
	1 DEN	23.80 mm	5.1 g	Cu80Ni3Zn17			РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Šarplaninec shepherd dog	1993 1997 2001 2006 2008 2014 2016		Current
	2 DEN	25.50 mm	6.2 g				РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Ohrid trout (Salmo letnica).	1993 2001 2006 2008 2014 2018
	5 DEN	27.5 mm	7.2 g				РЕПУБЛИКА МАКЕДОНИЈА, circular; year in the lower central field. Balkan lynx (Lynx lynx balcanicus).	1993 2001 2006 2008 2014
	10 DEN	24.5 mm	6.6 g	Cu70Ni12Zn18	Plain	Value, Stylized horizont with a 16-ray sun	Peacock, floor mosaic from Stobi from the 6th century AD, detail presented on the banknote of 10 Denari	2008 2017	15 November 2008	Current
	50 DEN	26.5 mm	7.7 g	Cu62Ni18Zn20	Plain	Value, Stylized horizont with a 16-ray sun	Archangel Gabriel, fresco from the Church of St. George, Kurbinovo - 12th century, detail presented on the banknote of 50 Denari	2008	15 November 2008	Current
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. Until 1 April 2013, coins of 50 deni could be exchanged at any domestic bank. Although no deadline has been set, after that date, the coins can be exchanged only at the National Bank of North Macedonia.

Second series (2020)

Due to the country's name change as part of the Prespa Agreement, a new set of coins featuring the new name of North Macedonia is being released into circulation, starting with 1 denar coins in April 2021.

Coins of the second series (2020–present)^[8]
Image	Value	Technical parameters			Description			Date of
Image	Value	Diameter	Mass	Composition	Edge	Obverse	Reverse	minting	issue	withdrawal	lapse
	1 DEN^[10]	23.80 mm	5.1 g	Steel core coated with copper and brass	Plain	Value, Stylized horizont with a 16-ray sun	Република Северна Македонија, circular; year in the lower central field. Šarplaninec shepherd dog	2020 2024	1 April 2021	Current
	2 DEN	25.50 mm	6.2 g				Република Северна Македонија, circular; year in the lower central field. Ohrid trout (Salmo letnica).	2022 2024
	5 DEN	27.5 mm	7.2 g				Република Северна Македонија, circular; year in the lower central field. Balkan lynx (Lynx lynx balcanicus).	2022 2024
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

FAO coinage (1995)

In 1995, circulation coins of 1, 2, and 5 denar denominations were struck in honor of the United Nations' Food and Agriculture Organization.

Banknotes

In 1993, the new denar was issued in denominations of 10, 20, 50, 100, and 500 denar notes. The 20 denar note was only issued in this first series. In 1996, 1000 and 5000 denar notes were added. In 2016, notes of 200 and 2,000 denars were issued, while the national bank began withdrawing the 5000 denar banknote from circulation to re-balance the structure of notes in circulation. In 2017, the national bank unveiled its current polymer banknotes, the 10 and 50 denar notes, and put them into circulation on May 15.

Obverse	Value	Colour	Obverse	Reverse
1993 series (Issued October 1993)
	10 DEN	blue	Makedonium Monument in Kruševo	Panorama of Kruševo
	20 DEN	brown-dark red	Daut-Pasha Bath in Skopje	Clock tower in Skopje
	50 DEN	red	Monastery of St. Pantelejmon in Skopje	Old National Bank of Macedonia building in Skopje
	100 DEN	brown	Church of St. Sofia in Ohrid	National Museum building in Ohrid
	500 DEN	brown-dark green	Monastery of St. Jovan Caneo in Ohrid	Samuil's Fortress in Ohrid
1996 series
	10 DEN	lilac	Egyptian goddess Isis (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, Bitola	Mosaic in Stobi (4th-5th century)
	50 DEN	blue	Fresco in the Church of St. Pantelejmon, Nerezi; Follis coin	Arhangel Gavril in the St. Ǵorǵi Church, Kurbinovo
	100 DEN	lilac-brown	Skopje from engraving by Jacobus Harevin	View of Skopje from an Albanian house
	500 DEN	red-brown	Gold mask, v. Trebeništa, Ohrid (6th century BC)	Poppy flower
	1,000 DEN	brown	Madonna Episkepis, icon from the Church of St. Vrači, Ohrid, 14th century	Gregory's gallery (14th century), Church of St. Sofia, Ohrid
	5,000 DEN	red-brown-green	Bronze figure of Maenad (6th century BC), Tetovo	Dog and tree, mosaic, Heraclea Lyncestis (5th-6th century AD), Bitola
Upgrade of the 1996 series
	500 DEN	red-brown	Gold mask, v. Trebeništa, Ohrid (6th century BC)	Poppy flower
	1,000 DEN	brown	Madonna Episkepis, icon from the St. Vrači Church, Ohrid, 14th century	Gregory's gallery (14th century), Church of St. Sofia, Ohrid
2014 series (Issued December 2016)
	200 DEN		Early medieval bronze fibula (found near Prilep); Relief of the Old Testament Psalm 41 (terracotta icon from Vinica)	Artistic elements on the façade of Colorful Mosque (Šarena Džamija, Alaca Cami), Tetovo; Marble tiles with floral designs of Isaak Beg Mosque (Isak Džamija), Bitola
	2000 DEN		Bronze artefact in the form of cup poppy (discovered in Suva Reka, Gevgelija); Macedonian bridal dress from Prilep	Decoration on the inside of a gilded bowl (16th century), "Source of Life", peacocks
2018 "Polymer Series" (Issued March 2018)
	10 DEN	lilac	Egyptian goddess Isis (Izida, 2nd century BC), Ohrid; gold earring (4th century BC), v. Beranci, Bitola. Mosaic in Stobi (4th–5th century)	Mosaic in Stobi (4th–5th century)
	50 DEN	blue	Fresco in the Church of St. Pantelejmon, Nerezi; Follis coin	Arhangel Gavril in the St. Ǵorǵi Church, Kurbinovo

Exchange rates

Since October 1995, the nominal exchange rate of the Denar was pegged against the Deutsche Mark. Since January 2002, it is pegged against the euro.^[11]

The denar is de facto pegged to the euro using a stabilized agreement^[12]^[13]^[14] at a rate of 1 EUR=61.3644 MKD±1%.^[15]

Current MKD exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD TRY
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD TRY
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD TRY
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD TRY

References

↑ 20 years of the Macedonian denar will be celebrated Archived 2014-10-06 at the Wayback Machine NovaMakedonija
1 2 "National Bank of the Republic of Macedonia. Annual Report 1992" (PDF). www.nbrm.mk.
↑ "Со солзи и во тајност се печатеше првиот македонски денар". www.utrinski.mk. 6 September 2011. Archived from the original on 6 October 2014. Retrieved 3 October 2014.
1 2 3 4 "National Bank of the Republic of North Macedonia. Annual Report 1993" (PDF). www.nbrm.mk.
↑ North Macedonia
↑ "National Bank of the Republic of North Macedonia, Annual Report 2011" (PDF). www.nbrm.mk.
↑ "Македонски - Пригодни ковани пари". www.nbrm.mk.
1 2 "Македонски - Ковани пари во оптек". www.nbrm.mk.
↑ "National Bank of the Republic of North Macedonia, DECISION ON WITHDRAWAL FROM CIRCULATION OF COINS IN DENOMINATION OF 50 DENI" (PDF). www.nbrm.mk. 26 April 2012.
↑ "DECISION ON PUTTING INTO CIRCULATION OF COINS IN DENOMINATION OF 1 DENAR WITH MODIFIED FEATURES". www.nbrm.mk.
↑ "Design of monetary policy". www.nbrm.mk.
↑ "Annual report on exchange arrangements and exchange restrictions, 2023" (PDF). www.elibrary.imf.org. International Monetary Fund, 2023. p. 14. Retrieved 27 August 2025.
↑ The euro in global foreign exchange reserves and exchange rate anchoring
↑ "IMF. REPUBLIC OF NORTH MACEDONIA". www.imf.org.
↑ "Promoting Constructive Capital in Bulgaria and North Macedonia" (PDF).

External links

Ministry of Finance website
Heiko Otto (ed.). "Banknotes of Macedonia" (in English and German). Retrieved 24 March 2017.

North Macedonia articles

History

Ancient	Paeonia Pelagonia Kingdom of Macedon Upper Macedonia Kingdom of Dardania Roman Province Macedonia Salutaris Roman Diocese
Medieval	Bulgarian Empire First Second Byzantine Empire Theme of Bulgaria Serbian Empire Kingdom of Prilep
Ottoman	Ottoman Empire Karposh's rebellion Macedonian awakening Ilinden Uprising Kruševo Republic Kruševo Manifesto Balkan Wars Treaty of Bucharest
Yugoslavia	World War I Bulgarian occupation South Serbia Vardar Banovina World War II War in Yugoslav Macedonia The Holocaust in Macedonia Independent Macedonia (1944) Anti-Fascist Assembly (ASNOM) National Liberation Front Refugees of the Greek Civil War Socialist Republic 1963 Skopje earthquake
Republic	2001 insurgency Ohrid Agreement 2012 inter-ethnic violence 2014 Macedonian government building attack 2015 Kumanovo clashes 2015 Macedonian protests 2016 Macedonian protests-Colorful Revolution 2017 storming of the Macedonian Parliament 2018 Prespa agreement 2022 North Macedonia protests 2025 Kočani nightclub fire

Geography

Balkans
Cities
Environmental issues
Geology
Lakes
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Rivers
Wildlife

Politics

Constitution Elections Parliament Political parties President Prime Minister
Administrative divisions Municipalities Statistical regions
Foreign relations Human rights LGBTQ Law enforcement Military Naming dispute

Economy

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v t e Currencies named dinar or similar
Circulating	Algerian dinar Bahraini dinar Iraqi dinar Jordanian dinar Kuwaiti dinar Libyan dinar Macedonian denar Serbian dinar Tunisian dinar
Obsolete	Bosnia and Herzegovina dinar Croatian dinar Danzig denar French denier Gold dinar Iraqi Swiss dinar Islamic State dinar Krajina dinar Portuguese dinheiro Republika Srpska dinar Spanish dinero Sudanese dinar Wieluń denar Yemeni dinar Yugoslav dinar Zayyanid dinar
As subunit	Iranian qiran Iranian rial
See also	Andorran diner (commemorative) Kelantanese dinar (unofficial) Modern gold dinar (bullion coin) Roman denarius (historical source of name)

v t e Currency symbols
Circulating	؋ ฿ ₿ ₵ ₡ ¢ $ ₫ ֏ € ƒ F ₲ ₴ ₭ ₾ ₼ ₦ ₱ £ 元 ﷼ ៛ ⃁ ₽ ₹ रू 𞱱 රු ૱ ௹ ꠸ Rs ₪ ⃀ ৳ ₺ ₸ ₮ ₩ ¥ 円
Obsolete and historical	₳ Դր. ₢$ ₰ ₯ ₠ ₣ ₤ ℒ𝓈 ₶ ₥ ℳ Pts ℛℳ ₷ 𐆚 𐆖 𐆙 𐆗 𐆘
Generic placeholder	¤

v t e Currencies of Europe
European Union	Euro Czech koruna Danish krone (pegged currency: Faroese króna) Hungarian forint Polish złoty Romanian leu Swedish krona
Eastern	Armenian dram Azerbaijani manat Belarusian ruble Georgian lari Moldovan leu Russian ruble Ukrainian hryvnia
Southern	Albanian lek Bosnia and Herzegovina convertible mark Macedonian denar Serbian dinar Turkish lira
Western	Sterling (pegged currencies: Gibraltar pound · Guernsey pound · Jersey pound · Manx pound) Swiss franc
Northern	Icelandic króna Norwegian krone
Unrecognised	Abkhazian apsar South Ossetian Zarin Transnistrian ruble