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North Macedonia

Macedonian Denar (MKD)

33
Moderate
Risk
#97
of 171
Safer
than 44% of currencies
36
global avg score
$819
$1,000 in 5 years
Impact on Citizens

Citizens need to earn at least 5.6% per year on savings to stay ahead. Money sitting in a regular account is slowly losing value.See savings calculator ↓

Economic Indicators

Inflation Rate
4.1%
Debt to GDP
Not available
GDP Growth
3.5%
Broad Money / GDP
60.5%

Banking & Stability

NPL Ratio
1.9%
Reserve Months
4.6
Current Account
-4.3%
FX Volatility
7.9

Governance & Markets

Rule of Law
Not available
Black Market Premium
Not available
Capital Controls
8.0
Peg Fragility
31.7

Currency Structure

Global Currency Role
70.0
FX Regime
hard peg
Data Coverage
75.0%

Savings Impact Calculator

MKD
Holding cash in MKD4.1% inflation
MKD 819−MKD 181 (18% purchasing power lost)
Your MKD 1,000 buys 18% less in 5 years
What if you invested MKD 1,000 instead? (5yr, in MKD terms)
USD-denominated assets gain an additional ~1.1%/yr from expected MKD depreciation vs USD
Hold USD Cash
MKD 907
−MKD 93
-1.9%/yr net in MKD
S&P 500
MKD 1691
+MKD 691
range: MKD 777–MKD 3313
10% USD return + 1.1% FX · ±16% vol
Gold
MKD 1544
+MKD 544
range: MKD 446–MKD 4173
8% USD return + 1.1% FX · ±24% vol
Bitcoin
MKD 3185
+MKD 2185
range: MKD 194–MKD 18.9k
25% USD return + 1.1% FX · ±54% vol

All values in MKD. USD-denominated assets (S&P 500, Gold, Bitcoin) include an estimated FX gain of ~1.1%/yr based on the inflation differential between North Macedonia (4.1%) and the US (~3%). This uses purchasing power parity as a long-run approximation — actual FX movements can differ significantly in the short term. S&P 500 based on 1957-2024, Gold on 2000-2024, Bitcoin on 2015-2024. Past performance does not guarantee future results. Not financial advice.

Data last updated: 2026-07-05

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