MKDMacedonian DenarMacedonian Denar (MKD)
The Macedonian denar is the national currency of North Macedonia. The National Bank of the Republic of North Macedonia is the monetary authority associated with currency issuance and the country's monetary framework. MKD is the ISO code for the denar, while the smaller unit is the deni: one denar is divided into 100 deni. The code is important because denar is a name shared by more than one currency in the Balkans and elsewhere. Domestic price labels may use a local symbol or shortened form, but MKD gives an international payment record a precise country and currency identity.
- ISO code
- MKD
- Symbol
- ден
- Region
- Europe
- Currency type
- Fiat currency
- Exchange system
- Macedonian Denar operates under the reviewed managed exchange-rate framework arrangement.
- Last reviewed
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Quick facts
MKD at a glance
Currency profile
How MKD works
The Macedonian denar is the national currency of North Macedonia. The National Bank of the Republic of North Macedonia is the monetary authority associated with currency issuance and the country's monetary framework. MKD is the ISO code for the denar, while the smaller unit is the deni: one denar is divided into 100 deni. The code is important because denar is a name shared by more than one currency in the Balkans and elsewhere. Domestic price labels may use a local symbol or shortened form, but MKD gives an international payment record a precise country and currency identity.
National Bank of the Republic of North Macedonia administers MKD within a managed exchange-rate framework system.
- Introduced as North Macedonia's national currency in 1992.
- The reviewed cash profile records MKD 10, MKD 50, MKD 100, MKD 200, MKD 500, MKD 1,000, MKD 2,000 for banknotes and MKD 1, MKD 2, MKD 5, MKD 10, MKD 50 for coins.
Context
Why this currency matters
North Macedonia introduced the denar in the early 1990s as it established a separate monetary system. Notes and coins have been redesigned over time, and everyday cash values may show denominations in denars without displaying the smaller deni unit. The National Bank's role includes supporting the stability and operation of the currency system rather than simply publishing a conversion number. When MKD is converted into EUR, USD or a neighboring currency, the result should be read with its rate date and provider source. A reference-rate calculation can support a budget or comparison, but it does not replace a commercial quote that includes a margin, fee or settlement condition. The denar's profile is tied to North Macedonia, not to the similarly named dinar currencies used elsewhere in the region. That country-specific context is why MKD should remain visible beside a rate. For historical comparisons, the denomination, issuing authority and dated provider value together give a clearer record than a short currency nickname alone.
Monetary framework
Exchange arrangement
Macedonian Denar operates under the reviewed managed exchange-rate framework arrangement.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for MKD
First denar introduced
North Macedonia introduced a transitional denar after leaving the Yugoslav monetary system.
National Bank of the Republic of North MacedoniaCurrent denar established
A reformed denar replaced the first issue at one hundred old denars to one current denar.
National Bank of the Republic of North MacedoniaModern banknote family expanded
The national bank developed the denomination structure used in the current monetary system.
National Bank of the Republic of North Macedonia
Usage and economy
How MKD is used
- MKD is used for domestic prices, wages, taxes and banking in North Macedonia.
- Denar comparisons often involve EUR and neighboring Balkan currencies in commerce and household transfers.
Banknotes and coins
MKD currency units
The issuing authority documents the reviewed MKD banknote denominations used in the current cash system.
The issuing authority documents the circulation coin system for MKD.
One Macedonian Denar unit is recorded with 2 decimal places and uses Deni as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
FAQ
MKD questions
Who is the monetary authority for MKD?
The National Bank of the Republic of North Macedonia is the country's central monetary authority.
When did the current denar begin?
The denar was introduced in 1992 as North Macedonia established its separate national currency system.
What changed for MKD in 1992?
North Macedonia introduced a transitional denar after leaving the Yugoslav monetary system.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.