Ratio of currency in circulation (CIC) to GDP of North Macedonia 2010-2022
The value of cash currency that circulated in the economy of North Macedonia decreased in 2021, now making up seven percent percent of GDP. This so-called CIC/GDP ratio roughly measures the use of cash money in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.
