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Gašparovič signs act on euro introduction

President Ivan Gašparovič on December 13 signed the Act on the Introduction of the Euro in Slovakia, the so-called "general law" that was approved by Parliament on November 28.

President Ivan Gašparovič on December 13 signed the Act on the Introduction of the Euro in Slovakia, the so-called "general law" that was approved by Parliament on November 28.

Meeting the individual regulations of this legal norm is expected to ensure a smooth transfer from the Slovak crown to the common European currency. The act deals with regulations related to dual circulation and pricing, rules for rounding off prices in changeover calculations, and rules for exchanging cash in Slovak crowns after the Slovak currency is no longer valid.

The newly-signed law doesn't relate to meeting the Maastricht criteria set as conditions for Euro adoption, nor does it mention Slovakia's macro-economic or currency situation vis-á-vis its preparations for joining the Euro-zone.

The law also amends further regulations, mainly the law on the Slovak central bank (NBS), to ensure that powers relating to currency and issuing banknotes and coins will be transferred from the NBS to the European Central Bank.

The first provisions of the law should come into effect as of January 1, while others will be valid when the changeover rate is determined, which is due to take place in the summer of 2008. The remaining provisions are set to enter into force as of the planned date of the introduction of the Euro, i.e. January 1, 2009.

-TASR

Compiled by Zuzana Vilikovská from press reports

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