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ISO 4217 Code：MKD

User(s)：Republic of Macedonia

Inflation：3%

Source：The World Factbook, 2006 est.

Subunit：

1/100 deni

Plural：denari

Coins：50 deni, 1, 2, 5 denari

Banknotes：

10, 50, 100, 500, 1000, 5000 denari

Central bank：National Bank of the Republic of Macedonia

Website：http://www.nbrm.gov.mk

The history of the Macedonian Denar

The Republic of Macedonia declared independence from Yugoslavia on 17 September 1991. The Macedonia Denar (MKN) was first introduced as the national currency of Macedonia on 26 April 1992 to replace the former currency, the Yugoslavian Denar. The Macedonian Denar was introduced at a rate 1:1 Yugoslav Denar. In may of 1993 the currency was reformed so that one new denar (MKD) was equal to 100 old denars (MKN). The Macedonian Denar (MKD) is divided into 100 Deni. The currency's name "Denar" is derived from the ancient Romen monetary unit "denarius".

Coins in current use come in denominations of 50 deni, 1,2 and 5 Denars. Current banknotes, shown above come in 10, 50, 100, 500, 1000, 5000 Denar denominations.

The 10, 50 and 100 Denar notes are currently printed in Macedonia, while the higher denominations are printed in London, England by Thomas de la Rue.

The first series of MKD notes introduced in 1993 were lithographed onto watermarked paper containing a hidden strip. If you place one of the 1993 series notes under a black light a map of Macedonia becomes visible, complete with all of the towns marked on it. The National Bank of Macedonia redesigned its' currency in 1996 using more sophisticated printing techniques and anti-counterfeiting features, The 1996 series is still in use today. In 2003 the 500 and 1000's were upgraded with more security features to prevent counterfeiting. The National Bank is not withdrawing the older 1996 500's and 1000's but rather letting them ware out and be replaced over time.

According to the National Bank the previous 1993 MKD series notes are no longer legal tender nor are they exchangeable.

Page created: 5 June 2006Last Update: 5 June 2006

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