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Cabinet passes plan to adopt euro

AT ITS session on July 6, the Slovak government approved the National Plan for the Introduction of the Euro in the Slovak Republic.

Slovakia wants to adopt the common EU currency on January 1, 2009, in cash and non-cash money flows simultaneously.

The approved plan covers technical and organizational aspects of the state's entry to the eurozone, the TASR news agency wrote.

Finance Minister Ivan Mikloš said at a press conference after the cabinet session that Slovakia would use a so-called "big bang" method of adopting the euro "which means that all at once the euro will become the only currency used in the Slovak territory", the minister said.

He announced, however, that there would be a short dual period of 16 days, during which the Slovak crown and euro would be in use side-by-side.

The crown will therefore officially stop being Slovakia's legal tender on January 16, 2009.

Compiled by Martina Jurinová from press reports
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