Conversion to euro currency in cash circulation
- Providing the Maastricht criteria are fulfilled, on 1. 1. 2009 Slovakia will start using Euro - the common currency and common tender of the European Union. From this day on, Euro will become the legal tender in Slovakia.
- Starting on 1. 1. 2009 and from then on, ATM-s in Slovakia will deliver only euro banknotes.
- During the short period of dual circulation, from 1. 1. 2009 to 16. 1. 2009, payments within the trade network in Slovakia could be done via valid euro banknotes, euro coins, and also Slovak Crowns.
- After the dual circulation period end, from 17. 1. 2009, markets in Slovakia will accept only euro. Any change may be paid as well only in euro currency.
- Banks will be obligated to exchange Sk for the citizens - free of charge - up to 100 pc of coins and up to 100 pc of banknotes within one exchange visit.
- During the dual circulation, banks will exchange for their clients Slovak banknotes and coins up to the value specified by the NBS, in accordance with the National Law, however, not more than 15 000 euro.
- Slovak banknotes and coins will be gradually removed from circulation. Clients will be able to exchange them in banks for euro, resp. deposit them to their accounts: the banks will redeem Slovak coins until 30.6.2009 and Slovak banknotes until 31.12.2009.
- After 31. 12. 2009 - Slovak Crowns will be exchangeable only at NBS: coins will be free of change exchanged until 31. 12. 2013 and banknotes with no time restraints.
- Slovak Crowns will be transferred to euro via conversion rate, which will be determined by the European Council. Conversion rate will be defined as a coefficient with six significant figures. It will express the equivalent of 1 euro in Crowns (1 EUR = XX.XXXX SKK).
