North Macedonia Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
North Macedonia's real effective exchange rate was 114.45 in 2026 (projected), ranked 49th globally. This represents a 1.6% increase from 2025. Data from BIS, covering 1993–2026.
Overview
North Macedonia's real effective exchange rate stood at 114.45 in 2026, a rise of +1.84 from 2025. Based on recent trends, this figure is projected to reach 117.25 by 2027. North Macedonia ranked 49th globally.
North Macedonia’s real effective exchange rate (REER) stood at 114.45 in 2026, placing the country 49th in the global ranking and situating it between Lithuania’s 114.90 and the Slovak Republic’s 112.72. The REER has trended downward from an early‑period high of 119.13 in 1993, reaching its all‑time peak of 136.46 in 1995, a period marked by post‑independence macro‑stability measures that appreciated the dinar relative to its trading partners. A pronounced depreciation followed, culminating in the lowest level of 98.14 in 2015 amid a combination of fiscal consolidation, external shocks and a weaker euro area. Over the 34‑year coverage, the index has oscillated but generally moved back toward the mid‑110s, reflecting a modest re‑appreciation as export competitiveness improved and foreign‑direct investment increased. Continued alignment with European Union monetary dynamics and structural reforms in the goods market will likely shape whether the REER maintains its recent upward bias or reverts toward the lower end of its historical range.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2029* trend | 121.81 | - | - |
| 2028* trend | 119.53 | - | - |
| 2027* trend | 117.25 | - | - |
| 2026 | 114.45 | +1.84 | #49 |
| 2025 | 112.61 | +2.11 | #49 |
| 2024 | 110.90 | +1.14 | #73 |
| 2023 | 109.59 | +4.88 | #75 |
| 2022 | 104.58 | +3.90 | #69 |
| 2021 | 100.43 | +0.43 | #59 |
| 2020 | 99.62 | +1.22 | #47 |
| 2019 | 98.27 | −1.57 | #49 |
| 2018 | 99.80 | +1.31 | #56 |
| 2017 | 98.60 | +0.92 | #55 |
| 2016 | 98.32 | +2.04 | #55 |
| 2015 | 98.14 | −2.57 | #56 |
| 2014 | 101.70 | +0.31 | #70 |
| 2013 | 102.21 | +3.02 | #70 |
| 2012 | 100.00 | −0.56 | #61 |
Detected Pattern
Analysis
North Macedonia matched the Export Boom Cycle pattern in 2023. Historically, 71% of countries showing this pattern (546 out of 768) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
North Macedonia's real effective exchange rate was 114.45 in 2026. Ranked 49th globally. This represents a 1.6% increase from the previous year.
North Macedonia's real effective exchange rate peaked at 136.46 in 1995.
The lowest real effective exchange rate in North Macedonia was 98.14 in 2015.
North Macedonia ranks 49th globally in real effective exchange rate as of 2026.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
North Macedonia's real effective exchange rate is projected to reach 117.25 by 2027 based on trend extrapolation.
The real effective exchange rate of North Macedonia in 2026 was 114.45. This ranks 49th in the world.
Cite this page
@misc{historysaid_north-macedonia_reer,
title = {North Macedonia Real Effective Exchange Rate},
url = {https://historysaid.com/north-macedonia/reer/},
publisher = {HistorySaid},
year = {2026}
}