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Law on euro adoption approved by Cabinet

The smooth transition from the Slovak crown to the common euro currency in Slovakia was assured by a new law that was approved with comments by the Government on September 26. The law is yet to be approved by the parliament.

The legislation deals with dual circulation, dual pricing, rules for rounding up- and down prices in converting crowns to euros, as well as the rules for exchanging cash in crowns after the cessation of the Slovak currency. It also deals with the continuity of legal relations as one of important principles in euro adoption. However, it doesn't cover the Maastricht criteria, nor the macroeconomic or monetary area of Slovakia's entry to the Eurozone.

The most important amendment to the law is a change in the law concerning Slovakia's central bank (NBS). This is because the NBS's jurisdiction over monetary policy and banknotes and coins will be transferred to the European Central Bank. TASR

Compiled by Zuzana Vilikovská from press reports
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