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MKD

Macedonian Denar

MKD · North Macedonia

32
Moderate
Risk
Historical Scores
293541Jul 2021Jul 2023May 2026
What does this mean for you?

The Macedonian Denar is in decent shape overall, scoring 32 out of 100. There are some areas to watch, but no immediate danger. Your money is holding its value reasonably well compared to most currencies.

You only need about 5.0%/yr to stay ahead. A basic savings account is enough. Calculator ↓

Inflation
3.5%
Debt / GDP
Not available
GDP Growth
3.0%
FX Volatility
7.2
Governance
Not available
Reserves
4.6 mo
Analysis
What's working well
Prices are stable — your money holds its value well
Banking system is in good shape
What to watch out for
No major concerns
Full North Macedonia analysis →

Savings Impact Calculator

MKD
Holding cash in MKD3.5% inflation
MKD 842−MKD 158 (16% purchasing power lost)
Your MKD 1,000 buys 16% less in 5 years
What if you invested MKD 1,000 instead? (5yr, in MKD terms)
Hold USD Cash
MKD 881
−MKD 119
-2.5%/yr net in MKD
S&P 500
MKD 1647
+MKD 647
range: MKD 753–MKD 3238
10% USD return + 0.5% FX · ±16% vol
Gold
MKD 1503
+MKD 503
range: MKD 431–MKD 4082
8% USD return + 0.5% FX · ±24% vol
Bitcoin
MKD 3112
+MKD 2112
range: MKD 187–MKD 18.6k
25% USD return + 0.5% FX · ±54% vol

All values in MKD. USD-denominated assets (S&P 500, Gold, Bitcoin) include an estimated FX gain of ~0.5%/yr based on the inflation differential between North Macedonia (3.5%) 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.

Holding other assets too? Calculate your full portfolio risk →
This score is based on our 12-factor risk model. Think inflation or debt should matter more? Build your own model with custom weights and see how MKD ranks differently.
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