Slovakia Koruna (SKK)
Tue, Apr 15The Slovak Koruna (SKK) served as the official currency of Slovakia until 2009. Following Slovakia's entry into the European Union (EU) in 2004 and the adoption of the euro on January 1, 2009, the Slovak Koruna was replaced by the euro (EUR) as the country's official currency. The euro is overseen by the European Central Bank (ECB) and the national central banks of Eurozone member states, including the National Bank of Slovakia.
The Slovak Koruna was established as the official currency of Slovakia on February 8, 1993, after the dissolution of Czechoslovakia and the formation of the independent nations of Slovakia and the Czech Republic. It replaced the Czechoslovak Koruna at par, meaning that 1 Slovak Koruna equaled 1 Czechoslovak Koruna. Prior to its replacement by the euro, the Slovak Koruna was divided into 100 smaller units known as haliers. Coins were issued in denominations of 10, 20, and 50 haliers, as well as 1, 2, 5, and 10 Korunas. Banknotes were available in denominations of 20, 50, 100, 200, 500, 1,000, and 5,000 Korunas.
The adoption of the euro by Slovakia was a consequence of its accession to the European Union and its commitment to meet the convergence criteria specified in the Maastricht Treaty. These criteria include requirements such as low inflation, low public debt, stable exchange rates, and low long-term interest rates. After fulfilling these criteria, Slovakia joined the Eurozone on January 1, 2009, and the euro became its official currency. During the transition period, both the Slovak Koruna and the euro were in circulation, with a fixed exchange rate of 30.1260 Slovak Korunas to 1 euro. Following the transition period, the Slovak Koruna ceased to be legal tender, and all transactions in Slovakia have since been conducted using the euro.
The Slovak Koruna was the official currency of Slovakia from 1993 until it was replaced by the euro in 2009. The currency was divided into 100 haliers and was available in various coin and banknote denominations. The euro was adopted as Slovakia's official currency after its accession to the European Union and its fulfillment of the convergence criteria outlined in the Maastricht Treaty.
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