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MKD

Macedonian Denar

MKD · North Macedonia

33
Moderate
Risk
Historical Scores
303641Jul 2021Jul 2025Oct 2026
What does this mean for you?

The Macedonian Denar is in decent shape overall, scoring 33 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 need at least 5.6%/yr returns. Money in a basic account is slowly losing value. Calculator ↓

Inflation
4.1%
Debt / GDP
Not available
GDP Growth
3.5%
FX Volatility
8.2
Governance
Not available
Reserves
4.6 mo
Analysis
What's working well
Economy is growing healthily
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 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.

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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