Time Period: 1965-

Currency: 1st Macedonian Denar


Timeline

  • 26.04.1992
  • Law [No. 468] on the establishment of the National Bank of Macedonia; effective immediately
  • 26.04.1992
  • Law [No. 469] on the creation of the national currency; effective immediately
  • 26.04.1992
  • Law [No. 470] on the exchange and withdrawal with in three days of the Yugoslav currency; effective immediately
  • 27.04.1992
  • Start of currency exchange:
    - 27.04.1992: Start of issuance of the new banknotes
    - 29.04.1992: End of exchange period, demonetization of the Yugoslav currency.

Valuation Regimes

  • 1992-1993
  • Fixed rate against German Mark

Rate Arrangements

  • 27.04.1992
  • Fixed
  • German Mark at 1 : 360
  • -44.7%
  • 09.10.1992
  • Fixed
  • German Mark at 1 : 780
  • -53.8%


Time Period: 1993-

Currency: 2nd (North) Macedonian Denar


Timeline

  • 07.05.1993
  • Law [No. 650] on the currency redenomination; effective immediately
  • 10.05.1993
  • Start of currency exchange:
    - 10.05.1993: Start of issuance of the new coins of 5, 2, 1, ½ Denar
    - 31.08.1993: Demonetization of the former banknotes up to 500 Denar (1992), values below 25 Denar (1992) had been demonetized immediately currency
    - 01.10.1993: Start of issuance of the new banknotes of 500, 100, 50, 20, 10 Denar
    - 30.11.1993: Demonetization of all former banknotes.

Valuation Regimes

  • 1993-2003
  • Variable rate
  • 2003-
  • Fixed rate against European Euro

Rate Arrangements

  • 10.05.1993
  • Variable
  • initially: US Dollar at 1 : 12.903
  • -4.7%
  • 10.07.2003
  • Fixed
  • European Euro at 1 : 61.50
  • -


End-year Forex Rates (Units per US Dollar)