ECONOMIC BRIEFS

Euro will replace D-mark in crown's basket from next January

The new Euro will replace the Deutschemark in the Slovak crown's currency basket from the beginning of next year, the NBS announced on May 15. The crown currently trades against a 60/40% mark/dollar basket. "The NBS's decision to replace the mark with the Euro in the Slovak crown currency basket is a reaction to integration and globalization trends in the European Union," the NBS said in a statement. Trading in Euros will begin next year, with the actual currency set to appear in 2002 when the participating countries will withdraw their respective banknotes and coins.

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