Timetable for euro adoption in Slovakia

Timetable for euro adoption in Slovakia


FIRST preparations for euro adoption started even before Slovakia entered the EU. In July 2003, the cabinet approved a Strategy for Euro Adoption in Slovakia, where the cabinet and the National Bank of Slovakia (NBS) clearly stated that the advantages of euro introduction outweigh the disadvantages and that is why Slovakia should enter the eurozone as soon as possible.

Slovakia has even announced an anonymous public tender for the design of "national sides" of Slovak euro coins. The first round of the tender closed on January 31, 2005. The final results will be announced on December 20, 2005. Here are the next phases of euro adoption in Slovakia:

Phase I - until accession into ERM II

By June 2006 Accomplishment of accession procedures into ERM II in EU institutions
Phase II - ERM II membership until decision on accepting Slovakia in the eurozone

By June 2006 Accession into ERM II
May 2008 Reports on convergence to European Commission and ECB
May - June 2008 Evaluation procedure in EU institutions
June 2008 Setting conversion foreign exchange rate of SKK/EUR by the EU Council
Phase III - between the decision to accept Slovakia into the eurozone and accession itself

July - December 2008 Ensuring the necessary number of euro banknotes and coins for cash circulation in Slovakia
September - December 2008 Supplying of the National Bank of Slovakia and commercial banks with cash euros
December 2008 Supplying of retailers with cash euros
July 2008 - December 2009 Compulsory dual pricing (in Sk and Ř)
By end of December 2008 Conversion of ATMs and other machines using coins and banknotes
Phase IV - after accession into the eurozone

January 1, 2009 Accession into the eurozone
Until January 16, 2009 Dual circulation: exchange of crown cash for euros and withdrawal of Slovak crowns from circulation
From January 17, 2009 Continuing exchange of old crown cash for euro banknotes and coins in banks and the central bank
By June 2010 Recommended dual pricing
Source: National Programme for Euro Adoption

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