North Macedonia

The Republic of North Macedonia is a landlocked country located in Southeast Europe, neighboring Kosovo, Serbia, Bulgaria, Greece, and Albania. It is one of Yugoslavia’s successor states after gaining its independence in 1991. North Macedonia is home to ethnic Macedonians, some Albanian population, as well as Turks, Romani, Aromanians, Bosniaks, Serbs, and other minorities.  

Before gaining its independence, the country was the poorest republic of Yugoslavia with only about 5% contribution of the total federal output of goods and services. Since its independence, North Macedonia has turned into a more liberalized economy. Its environment for business has advanced as well. However, because of the lack of infrastructure and the economic embargo with Greece have challenged North Macedonia’s economic development. The Kosovo War has also impacted the country’s financial standing with severe economic disturbances. Foreign aid and remittances have helped the country recover. Additionally, with the successful privatization that took place in 2000, North Macedonia’s reserves surged up to over $700 million.   

North Macedonia’s official currency is the Macedonian denar which is subdivided into one hundred denis. The subunit, though is no longer used since 2013. On April 27, 1992, value coupons were issued while the nation was preparing for its monetary independence. These coupons featured a man and two women picking tobacco leaves on the obverse while the reverse depicts the Ilinden monument in Krusevo.  

Later on April 30, 1992, the Yugoslav dinar ceased to be legal tender and was replaced by the Macedonian denar. In 1993, the second denar was introduced with banknotes in denominations of 10, 20, 50, 100, and 500 denari. Recent North Macedonian denari banknotes have various designs and national motifs, from The Egyptian goddess Isis to Skopje engraved by Jacobus Harevin, to Madonna Episkepis, a Gold mask, an early medieval bronze fibula, and a bronze cup poppy artifact.

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