The Macedonian Denar is the official currency of the former Yugoslav Republic of Macedonia. The exchange rate of the Denar is based on the demand and supply of foreign trade. Money supply and interest rates are dictated by the exchange rate, which is 61 Denars = 1 Euro. With this exchange rate target, Macedonia’s Central Bank has maintained a steady exchange rate for the Denar against the Euro.
Macedonia’s economy is currently based on exports of its gas, oil, and machinery.
Macedonia was considered the least developed of the Yugoslavia Republic states when they became independent in September 1991. Its goods and services had contributed only 5% of the national output.
The separation from Yugoslavia depressed Macedonia’s protected markets and its transfer of payments from the Yugoslavia government.
Macedonia’s economic growth was further delayed until the year 1996, due to UN sanctions on the Federal Republic of Yugoslavia and Greek economic restrictions.
Worker payments and foreign assistance lessened instability during the recovery period. Macedonia’s GDP growth reached 5% in 2000.
On April 26, 1992 the Macedonian Denar was introduced to replace the Yugoslav Dinar at par.
On May 5, 1993 a new Macedonian Denar was issued; 1 new Denar = 100 old Denar.
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