North Macedonian Currency — The Denar (MKD) in 2026

Q: What is the currency of North Macedonia?

North Macedonia's currency is the Macedonian denar (symbol ден or MKD , ISO 4217 code MKD ). It has been North Macedonia's currency since 26 April 1992.

Q: How many denari is one US dollar worth?

At the latest daily close, 1 USD ≈ 52.17 MKD . The denar's rate against the dollar is essentially driven by EUR/USD plus small technical movements within the ~61.5 MKD/EUR band.

Key Facts: The Macedonian Denar

ISO 4217 code: MKD · Symbol: ден. Subdivided into 100 deni, though deni coins are no longer minted. The denar's name evokes the Roman denarius.
Central bank: National Bank of the Republic of North Macedonia. Skopje-based, est. 1992. Implements a de facto peg to the euro around 61.5 MKD = 1 EUR — though officially described as 'exchange-rate targeting'.
Policy rate: ~6% · Inflation: ~2%. NBRNM key rate tracks the ECB plus a structural spread to maintain the peg. Inflation has converged closely to the euro area's.
1 USD ≈ 52.17 MKD. The denar tracks EUR/USD almost exactly due to the peg — appreciated ~2.8% vs USD over the past 12 months.
EU candidate since 2005, negotiations opened 2022. Accession negotiations formally opened 19 July 2022. North Macedonia is a long-time candidate country.

What Is the Currency of North Macedonia?

North Macedonia’s currency is the Macedonian denar (symbol ден or MKD, ISO 4217 code MKD). It has been North Macedonia’s currency since 26 April 1992, just a few months after the country (then the Republic of Macedonia) declared independence from Yugoslavia. The denar is subdivided formally into 100 deni, though deni coins are no longer in circulation.

The denar is issued by the National Bank of the Republic of North Macedonia (NBRNM). The bank operates a de facto peg to the euro at around 61.5 MKD = 1 EUR, describing the strategy officially as ‘targeting the nominal exchange rate of the denar against the euro’ — a managed float in formal language but a peg in practice.

Macedonian Denar to US Dollar — 1-Year Chart

The chart tracks USD/MKD daily close over the past year. Because the denar is pegged to the euro, the chart essentially mirrors EUR/USD. The NBRNM intervenes in FX markets whenever needed to keep the denar close to the 61.5 MKD = 1 EUR central rate.

Macedonian Denar (MKD) to US Dollar — 1 Year
	Jun 22	Jun 24	Jun 26	Jun 30	Jul 02	Jul 06	Jul 08	Jul 10	Jul 14	Jul 16	Jul 20	Jul 22	Jul 24	Jul 28	Jul 30	Aug 03	Aug 05	Aug 07	Aug 11	Aug 13	Aug 17	Aug 19	Aug 21	Aug 25	Aug 27	Aug 31	Sep 02	Sep 04	Sep 08	Sep 10	Sep 14	Sep 16	Sep 18	Sep 22	Sep 24	Sep 28	Sep 30	Oct 02	Oct 06	Oct 08	Oct 12	Oct 14	Oct 16	Oct 20	Oct 22	Oct 27	Oct 29	Oct 31	Nov 04	Nov 06	Nov 10	Nov 12	Nov 14	Nov 18	Nov 20	Nov 24	Nov 26	Nov 28	Dec 02	Dec 04	Dec 08	Dec 10	Dec 12	Dec 16	Dec 18	Dec 22	Dec 24	Dec 29	Dec 31	Jan 05	Jan 07	Jan 09	Jan 13	Jan 15	Jan 19	Jan 21	Jan 23	Jan 27	Jan 29	Feb 02	Feb 04	Feb 06	Feb 10	Feb 12	Feb 16	Feb 18	Feb 20	Feb 24	Feb 26	Mar 02	Mar 04	Mar 06	Mar 10	Mar 12	Mar 16	Mar 18	Mar 20	Mar 24	Mar 26	Mar 29	Mar 31	Apr 02	Apr 06	Apr 08	Apr 12	Apr 14	Apr 16	Apr 20	Apr 22	Apr 26	Apr 28	Apr 30	May 04	May 06	May 10	May 12	May 14	May 18	May 20	May 24	May 26	May 28	Jun 01	Jun 03	Jun 07	Jun 09	Jun 11	Jun 15	Jun 17	Jun 22
MKD per USD	52.51	52.59	52.22	51.83	51.77	51.39	52.1	52.21	52.39	52.52	52.07	52.01	52.02	52.73	53.57	52.72	52.77	52.28	52.59	52.19	52.19	52.45	52.64	52.57	52.49	51.8	52.5	51.96	51.93	52.21	51.61	51.48	51.16	51.76	52.09	52.24	52.1	52.16	52.25	52.59	52.22	52.72	52.29	52.53	52.69	52.12	52.51	52.86	53.01	53.14	52.76	52.72	52.47	52.69	52.93	53.04	52.79	52.67	52.71	52.43	52.06	52.56	52.04	51.98	52.04	51.71	51.8	51.89	52.02	51.7	52.27	52.41	52.36	52.47	52.65	52.19	52.04	51.49	51.11	51.15	51.79	51.96	51.4	51.54	51.08	51.62	51.99	51.89	51.78	51.31	52.68	52.7	52.67	52.97	52.87	53.03	52.86	52.71	52.92	52.52	52.89	53.03	52.96	52.49	52.17	51.87	51.94	51.92	52.27	51.73	52.23	52.15	52.34	52.08	51.87	52.14	52.46	52.48	52.64	52.1	52.59	52.52	52.59	52.71	53.13	53.03	52.85	52.8	53.2	53.58

Over the past 12 months the denar has moved in step with the euro — from about 53.7 to 52.2 MKD per USD — a ~2.8% move in the denar’s favour in line with EUR/USD. Without the peg the denar would be considerably more volatile.

Banknotes and Coins

Macedonian denar banknotes honour Byzantine-era and national-awakening figures, alongside one denomination featuring iconic Ohrid architecture.

Denomination	Figure / Motif	Context	Colour
10 ден	Ohrid Lake landscape	With a fresco of Byzantine saint	Blue
50 ден	Stobi archaeological site mosaic	Roman-era city in present-day N. Macedonia	Orange
100 ден	Byzantine Saints Cyril and Methodius	The ‘Apostles to the Slavs’, 9th c.	Red
200 ден	Mosaic of the Nativity from St. Sophia, Ohrid	Byzantine art motif	Brown-orange
500 ден	Golden mask from Trebenishta	Ancient Macedonian archaeological find	Purple
1,000 ден	St. Pantelejmon monastery icon	Byzantine saint	Green
2,000 ден	Heraclea Lyncestis bird mosaic	From Roman-era Heraclea in Bitola	Yellow-olive
5,000 ден	Goddess Isida bronze statue	Roman-Egyptian cult figure	Dark red

Current Macedonian denar banknotes.

Coins come in six denominations, from 1 to 50 denari.

Denomination	Composition & Design	Notes
1 ден	Brass	Since 1993
2 денари	Brass	Since 1993
5 денари	Brass	Since 1993
10 денари	Bi-metallic	Since 2008
50 денари	Bi-metallic	Higher-value coin

Macedonian denar coins in circulation.

Detailed editorial infographic of all banknotes and coins of North Macedonian Currency — The Denar (MKD) in 2026, showing each denomination's front, back, size, main color and motif, plus all circulating coins with their physical specifications. Portrait layout, editorial magazine style. — All notes and coins of North Macedonian Currency — The Denar (MKD) in 2026 — denominations, motifs, and physical specifications.

History of The Denar

The denar is a young currency — just over three decades old — but its name evokes a much deeper history: the Roman denarius silver coin that circulated across the Balkans for centuries. Modern North Macedonia chose the name in 1992 as a nod to regional monetary continuity.

Year	Event
1991	Yugoslav Republic of Macedonia declares independence 8 September.
1992	Denar introduced on 26 April, replacing the Yugoslav dinar.
1992	National Bank of the Republic of Macedonia founded.
1995	Major denomination reform: new denar introduced at 100:1 after high inflation.
2002	De facto EUR peg begins; NBRNM keeps denar close to 61.5 MKD = 1 EUR.
2005	North Macedonia granted EU candidate status.
2019	Country renamed from ‘Republic of Macedonia’ to ‘Republic of North Macedonia’ under the Prespa Agreement; central bank renamed accordingly.
2022	EU accession negotiations formally opened on 19 July.
2024–2026	Denar remains stable against the euro; NBRNM policy rate tracks ECB with structural spread.

Key milestones in North Macedonian denar history, 1991–2026.

The Macedonian Economy and the Denar

North Macedonia is a small Western-Balkan economy of about 1.8 million people. Its 2025 export mix is dominated by manufactured goods — catalysts for cars, steel, textiles — produced in specialised economic zones near the capital Skopje. Germany is the main destination for both exports and foreign-direct investment. Remittances from the Macedonian diaspora add roughly 3% of GDP, smaller than in neighbouring Albania or Kosovo.

Because the denar is pegged to the euro, NBRNM’s policy rate mechanically tracks the ECB’s with a structural positive spread — typically 2–4 pp. As of early 2026 the key rate is around 6%, consistent with the ECB’s 2.00% deposit rate plus a peg premium. Inflation has converged close to the euro area’s; the 2026 forecast is roughly 2%, which is what the peg is designed to deliver.

Using Denari in North Macedonia

Card acceptance is good in Skopje and Ohrid, with Visa and Mastercard working in chain cafés, supermarkets, hotels, and most restaurants. Cash remains the norm in smaller towns and rural areas. Euros are often accepted informally in tourist zones but change comes in denari.

Typical prices in denari (2026): espresso 80–130 ден; a traditional lunch 250–450 ден; a meal in a mid-range restaurant 600–1,200 ден; a pint of local beer 150–230 ден; a mid-range Skopje hotel room 3,000–5,500 ден. ATMs at Komercijalna banka, Stopanska banka, and NLB Banka are reliable for foreign cards.

The Denar in Regional Context

North Macedonia is surrounded by a mix of monetary regimes: Bulgaria (recently into the euro), Greece (Eurozone), Albania (floating lek), Serbia (floating dinar), and Kosovo (unilateral euro use).

Country	Code	Regime	Inflation	Policy rate
🇲🇰 North Macedonia	MKD	De facto EUR peg (~61.5 MKD/EUR)	~2%	~6%
🇧🇬 Bulgaria	EUR (since 2026)	Eurosystem	~2.3%	2.00%
🇬🇷 Greece	EUR	Eurosystem	2.8%	2.00%
🇦🇱 Albania	ALL	Managed float	2.4%	2.50%
🇷🇸 Serbia	RSD	Managed float	~3–4%	5.75%
🇽🇰 Kosovo	EUR (unilateral)	Uses euro	~2%	2.00% (ECB)

North Macedonia and its Western Balkan / Mediterranean neighbours.

Frequently Asked Questions

What is the currency of North Macedonia?

North Macedonia’s currency is the Macedonian denar (symbol ден or MKD, ISO 4217 code MKD). It has been North Macedonia’s currency since 26 April 1992.

Is North Macedonia in the Eurozone?

No. North Macedonia is an EU candidate country, with accession negotiations formally opened on 19 July 2022. The denar is not in ERM II, though it is pegged de facto to the euro at approximately 61.5 MKD = 1 EUR.

Why is the Macedonian denar pegged to the euro?

The NBRNM introduced the informal peg in 2002 as an anchor for price and macroeconomic stability in a small, open economy heavily dependent on EU trade. The strategy has worked: denar volatility against the euro has been among the lowest of any non-EU European currency, and Macedonian inflation has converged close to the euro area’s.

How many denari is one US dollar worth?

At the latest daily close, 1 USD ≈ 52.17 MKD. The denar’s rate against the dollar is essentially driven by EUR/USD plus small technical movements within the ~61.5 MKD/EUR band.

Is the denar accepted anywhere outside North Macedonia?

Generally no. The denar is freely convertible but not widely traded or accepted outside North Macedonia. In neighbouring Kosovo, the euro is the standard. Most travellers should exchange back to euros or dollars before leaving the country.

Can I use euros in North Macedonia?

Many hotels, tour operators, and larger restaurants in Skopje and Ohrid will accept euros informally, though change is typically given in denari and the rate is rarely as good as the peg. For everyday spending, use denari — either from an ATM or a multi-currency card.

What is on Macedonian banknotes?

The notes honour Byzantine and national-awakening figures, plus archaeological finds. Saints Cyril and Methodius (the ‘Apostles to the Slavs’, 9th c.) appear on the 100 denar note. Other notes show mosaics from Roman-era Stobi and Heraclea Lyncestis, the ‘Goddess Isida’ bronze, and the golden mask from Trebenishta.