Euro in Slovakia

Slovakia adopted the euro on 1 January 2009 and became the sixteenth member state of the Economic and Monetary Union (EMU).

The euro in Slovakia was introduced in cash and scriptural form without a transitional period, i.e. within a Big-Bang scenario. On this date, euro became the legal tender in the Slovak Republic. Slovak euro coins are valid in all euro area countries and also other euro area countries' euro coins are the legal tender in Slovakia. Banknotes are the same throughout the euro area. From 1 January 2009 scriptural payments are exclusively in euro.

Euro is used in cash circulation from 1 January 2009. Koruna became only a euro denomination. For a short dual circulation period, until 16 January 2009, it was possible to pay also with koruna banknotes and coins in the Slovak territory. The Slovak currency was being gradually withdrawn from the circulation. By the end of the dual circulation, euro is the sole legal tender in the Slovak Republic. However, till 30 June 2009 there will be possible to exchange koruna coins and till 31 December 2009 koruna banknotes in all the commercial banks in Slovakia. After that, the Slovak National Bank will exchange koruna coins till 31 December 2013 and koruna banknotes illimitable.

Conversion of koruna values to the euro is performed with the conversion rate, which was irrevocably set by the Council of the EU. It is not possible to use any other rate. The conversion rate was set as a coefficient with six significant digits. It expresses the equivalent of one euro in koruna (EUR 1 = SKK 30.1260). The conversion rate must not be rounded or shortened to less than 6 significant digits in making conversions.