North Macedonia considering digital denar

North Macedonia’s central bank is exploring the option to introduce a digital version of the country’s official currency, the Macedonian denar.

Since the 2008/2009 Global Financial Crisis and the experiences of the COVID crisis, in a time of accelerated changes on the world stage as a result of globalization, digitalization and financial innovation, the mandate of central banks has been constantly changing and expanding with new functions.

„Among other things, we are particularly dedicated to financial education and inclusion given the importance of increasing knowledge about financial services, especially at a time of rapid fintech development, which would eventually provide easier access to finance for citizens and companies. In support of the fintech development, we drafted the first version of the national strategy, with a view of making our story a regional leader in this area as well,” central bank governor Angelovska Bezhoska said in a transcript of her speech at a ceremony for the marking of the 30 years of monetary independence.

„Following the example of the European Central Bank, this year, when we celebrate thirty years of the introduction of the denar as our currency, we initiated activities to consider the introduction of a digital denar. If the analyses show that there is a need for introduction of a digital denar, hopefully, during some of the next celebrations of the day of monetary independence we will talk about the digital denar as an official means of payment in the country,” the governor added.

____________

The Macedonian denar is the country’s official currency since 1993.

The European Central Bank (ECB) is currently working on plans to introduce a digital euro.