The Treaty of San Stefano in 1878 ending the Russo-Turkish War gave the largest part of Macedonia to Bulgaria. Bulgaria lost much of its Macedonian territory when it was defeated by the Greeks and Serbs in the Second Balkan War of June to August 1913. Most of Macedonia went to Serbia and the remainder was divided between Greece and Bulgaria. On October 29, 1918, Serbia, which included Macedonia, joined in union with Croatia, Slovenia, and Montenegro to form the kingdom of Serbs, Croats, and Slovenes, which was renamed Yugoslavia on October 3, 1929. Bulgaria joined the Axis powers in World War II and occupied parts of Yugoslavia including Macedonia in April 1941. Macedonia was occupied by German troops in 1944. In 1945, Macedonia was reintegrated into Yugoslavia, and in 1946, it became an autonomous Yugoslavian Republic. On September 18, 1991, Macedonia declared its independence from Yugoslavia.
The Ottoman Empire Piastre (XOTP) circulated in Macedonia while it was part of the Ottoman Empire, and Serbian Dinar circulated in Macedonia after it became part of Serbia. Initially, the Kingdom of the Serbs, Croats and Slovenes introduced their own Kronen (YUK), which were quickly replaced by the Dinar (YUS) at the rate of 1 Dinar equal to 4 Kronen. The Bulgarian Lev (BGO) was used in Macedonia between 1941 and 1944 when Macedonia was part of Bulgaria. After occupation by Germany in 1944, German Reichkreditkassenschein (XDEK) also circulated.
In April 1945, Yugoslavia was liberated, and the Yugoslav Federation Dinar was introduced with official rates of exchange set at 1 Yugoslav Federation Dinar (YUF) equal to 40 Croatian Kuna or 20 Serbian Dinars, and 50 YUF equal to 1 US Dollar. Because of persistent inflation a Hard Dinar (YUD) had to be introduced on January 1, 1966 with 1 Hard Dinar equal to 100 Yugoslav Dinar. A Convertible Dinar (YUN) was introduced on January 1, 1990 with 1 Convertible Dinar equal to 10,000 Hard Dinars.
Banknotes were issued by the Ministry of Finance from 1919 until 1920, by the National Bank of the Kingdom of Serbs, Croats and Slovenes from 1920 until 1929, by the National Bank of the Kingdom of Yugoslavia from 1929 until April 1941, by the Serbian National Bank From April 1941 until October 1944, by Democratic Federation of Yugoslavia from 1944 until 1946, by the National Bank of Yugoslavia from January 1946 until 1995.
The Macedonian Denar (MKN) was introduced at par with the Yugoslavia Convertible Dinar on April 26, 1992. The Denar (MKD) was reformed on May 5, 1993, and 1 New Denar was set equal to 100 Old Denar. The Denar is divisible into 100 Deni and is issued by the Macedonian National Bank. |
