Macedonian denar
| Macedonian denar | |
|---|---|
|
Македонски денар (Macedonian) Makedonski denar |
|
| ISO 4217 | |
| Code | MKD |
| Number | 807 |
| Denominations | |
| Subunit | |
| 1/100 | deni (no longer used) |
| Plural | denari |
| Symbol | ден |
| Banknotes | 10, 50, 100, 200, 500, 1000, 2000, 5000 denari |
| Coins | 1, 2, 5, 10, 50 denari |
| Demographics | |
| User(s) |
 Macedonia
|
| Issuance | |
| Central bank | National Bank of the Republic of Macedonia |
| Website | www |
| Valuation | |
| Inflation | -0.3% |
| Source | NBRM Inflation data, 2015 |
The denar (plural: denari, Macedonian: денар and денари, denar and denari, ISO 4217 code: MKD) is the currency of the Republic of Macedonia. It is subdivided into 100 deni (Macedonian: дени).
The first Macedonian denar was established on 26 April 1992. It replaced the 1990 version of the Yugoslav dinar at par. In May 1993, the currency was reformed. A new denar was introduced, with one new denar being equal to 100 old denari.
The name denar comes from the name of the ancient Roman monetary unit, the denarius. The currency symbol is ден, the first three letters of its name.
The first denar was a temporary currency introduced in April 1992 to establish the monetary independence of the Republic of Macedonia. It replaced the Yugoslav dinar at par.
The Republic of Macedonia declared independence from Yugoslavia on 8 September 1991. At the time the country was using the Yugoslav dinar. Secret preparations were started to introduce its own currency. In April 1992 the country was ready to acquire monetary independence from Yugoslavia. On 26 April the national bank was established and the denar declared the currency of the country. Notes ("value coupons") entered circulation the next day and on 30 April the Yugoslav dinar ceased to be legal tender. The first denar was replaced at a rate of 100 to 1 by a new, permanent, denar consisting of notes and coins in May 1993.
No coins were issued for the first denar.
Temporary notes ("value coupons") were introduced on 27 April 1992, although preparations for producing them began much earlier. They remained in circulation until replaced by permanent notes of the second denar during 1993.
The notes were printed by the printing firm “11 October” in Prilep. Printing started on 15 January 1992. The difficulties of creating a new currency in secret is reflected in the notes themselves. The paper, which was purchased from Slovenia, proved to be of poor quality and lacking in adequate security. Although denominated in denari, the name of the currency does not appear on the notes because they were printed prior to the adoption of the Law on the Monetary Unit. Likewise, the issuer appears (in Macedonia) as the National Bank of Republic of Macedonia, not its successor, the National Bank of the Republic of Macedonia.
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Wikipedia