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Government adopts law on euro introduction

THE SLOVAK Cabinet has approved a bill aimed at ensuring a smooth transition from the Slovak currency to the euro.

The Law on Euro Adoption, passed by cabinet on September 26, still has to be approved by the parliament, the TASR newswire wrote.

The bill deals with the dual circulation of the Slovak crown and euro, dual pricing, rules for rounding up and down prices in converting crowns to euros, and rules for exchanging crowns in cash after the Slovak currency goes out of circulation.

However, the bill doesn't address the Maastricht criteria for euro adoption, nor macroeconomic or monetary policies related to Slovakia's eurozone entry. Slovakia plans to introduce the euro at the start of 2009.

The bill also amends the laws on the National Bank of Slovakia (NBS), transferring its authority in monetary policy and currency circulation to the European Central Bank.

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