You’ve seen the numbers on the little glowing screens at the airport exchange kiosks. 61.5. It's the number that haunts every traveler and business owner moving cash between Skopje and the rest of Europe. If you're looking at the Macedonian denar to euro rate today, you'll see it hovering right around that 0.0162 mark for a single denar.
But here is the thing: the denar isn't like the pound or the yen. It doesn't just "float" where the wind blows. Honestly, the relationship between these two currencies is more like a leash than a dance.
Why the MKD/EUR rate never seems to move
Most people think exchange rates are like the weather—unpredictable and constantly changing. With the Macedonian denar to euro, it’s more like a thermostat. Since the late 90s, the National Bank of the Republic of North Macedonia (NBRNM) has basically clamped the denar to the euro.
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They use a "de facto" pegged exchange rate. This means the central bank steps in whenever the denar tries to wander too far from that 61.5 MKD per 1 EUR sweet spot.
Why do they do it? Stability.
North Macedonia is a small, open economy. If the denar started swinging wildly, the price of imported coffee, cars, and electricity would go nuts. By keeping the Macedonian denar to euro rate steady, the government ensures that businesses can actually plan for next month without fearing a currency collapse.
As of January 18, 2026, the rate sits at approximately 0.01625 EUR for 1 MKD. If you’re doing the math the other way, 1 EUR gets you about 61.53 MKD. You might find a slightly different rate at a local menjacnica (exchange office) in the Old Bazaar, but if they’re charging you 63 or 64, you're getting fleeced.
The 2026 reality check
We are currently in a weird spot.
Inflation in North Macedonia has been a bit of a rollercoaster lately, but the latest data for early 2026 shows it stabilizing around 2.5% to 3%. Governor Slaveski recently pointed out that the domestic economy is showing some real grit despite all the global chaos.
Even with the "Growth Plan for the Western Balkans" pumping some fresh cash into the system, don't expect the peg to break. The National Bank has over 4.8 billion euros in foreign reserves. That’s a massive war chest used specifically to make sure the denar stays exactly where they want it.
The "hidden" costs of your exchange
Think you’re getting the mid-market rate? You aren't.
Unless you are a high-frequency trader or a bank, you’re paying a "spread." This is the gap between the "buy" and "sell" price. In Skopje, exchange offices are everywhere, and competition keeps these spreads pretty tight. But if you try to swap your denars at a bank in Frankfurt or Paris, get ready to lose 10% of your money instantly.
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Pro tip: Never, ever exchange your MKD outside of North Macedonia if you can help it. The denar is an exotic currency in Western Europe. Banks there don't want it, so they’ll give you a garbage rate just to make you go away.
What about the Euro?
There is always the big question: when will North Macedonia just start using the euro?
The short answer: not anytime soon. While the country is a candidate, the political road has been... let's call it "bumpy." With disputes involving Bulgaria and the need for constitutional changes, the path to full EU membership (and eventually the Eurozone) is still years away. Most analysts are looking at the 2030s, not the 2020s.
For now, the denar is here to stay.
Actionable steps for your cash
If you’re handling Macedonian denar to euro transactions this year, here is how you actually win:
- Use local exchange offices: In cities like Skopje or Ohrid, small exchange shops often offer better rates than the big banks. Look for the ones with the smallest gap between the "buy" and "sell" columns.
- Check the NBRNM official rate: Before you swap, go to the National Bank's website. If the rate you're being offered is more than 0.5% off the official rate, keep walking.
- Avoid airport kiosks: This is Travel 101, but it bears repeating. The rates at Skopje International are significantly worse than what you'll find ten minutes away in the city center.
- Use "Neo-banks" for transfers: If you're sending money to a relative in Europe or paying a bill in euros, services like Wise or Revolut often beat traditional wire transfers by a mile. They use the real mid-market Macedonian denar to euro rate and just charge a transparent fee.
The stability of the denar is its greatest strength right now. While other currencies are jumping around because of interest rate hikes or geopolitical drama, the MKD remains a boring, steady rock. And in the world of money, boring is usually a good thing.
Watch the NBRNM's monthly reports if you're holding large amounts of currency. If those foreign reserves start dipping below 3 billion euros, that's when you should start worrying. Until then, the 61.5 peg is the law of the land.