Macedonian Denar

On September 17, 1991 the Republic of Macedonia officially declared their independence from Yugoslavia. Soon after their declaration of independence a new form of currency emerged. This currency was called the Macedonian denar and was split into 100 deni.

Macedonian Denar – History

The Macedonian Denar (MKD) emerged shortly after Macedonia declared their independence from Yugoslavia. Some reports indicate that one version of the new currency was in circulation as early as January of 1992 but the Macedonian denar was not officially established until April 26, 1992.

At the time of its introduction the Macedonian denar was equivalent to the convertible dinar of Yugoslavia. Approximately one year later on May 5, 1993 there was a currency reform and the new denar was valued as being equivalent to 100 of the old denars.

The currency that was made available in January of 1992 was never officially used as currency by the Republic of Macedonia. These Denar bills featured an image of the White Tower of Thessaloniki.

Denar Currency Trading

Although the bills were never used as official currency or Denar currency trading, their mere existence was enough to anger the citizens of Greece who had already objected to the name Macedonia for the new country. Their concern was that the name would not distinguish the newly established Macedonia from Greek Macedonia.

Largely due to these protests, it wasn’t until 1993 that Macedonia was allowed entrance to the United Nations and even then it was only under the name, “The Former Yugoslav Republic of Macedonia.”

The Macedonian Denar in Circulation

Currently the Macedonian denar exchanges at a rate of one United States dollar equal to approximately 51.550 Macedonian denar. The Macedonian denar is issued in the form of coins and banknotes.

The coins of this currency are available in denomination of 1, 2, and 5 denar as well as 50 deni. The banknotes of the Macedonian denar are available in denominations of 10, 50, 100, 500 and 1000 denars.

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