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Conversion rate for Slovakia to be set

Slovakia's entry into the Eurozone formally concludes on Tuesday, July 8, when EU finance ministers are scheduled to approve the last necessary legislation. The ministers will also set the conversion rate by which all financial values will be converted after Slovakia's changeover to the new currency, the SITA newswire wrote.

Slovakia's entry into the Eurozone formally concludes on Tuesday, July 8, when EU finance ministers are scheduled to approve the last necessary legislation. The ministers will also set the conversion rate by which all financial values will be converted after Slovakia's changeover to the new currency, the SITA newswire wrote.

Starting a month later, all prices will have to be displayed in Slovak crowns and euros calculated according to the conversion rate. As of January 1, 2009, the euro becomes Slovakia's official currency, making Slovakia the 16th member of the Eurozone.

According to the Bloomberg agency, the European Commission (EC) has suggested a conversion rate for Slovakia at the crown’s current central parity to the euro, which would go against Prime Minister Robert Fico’s request for a rate stronger than the current parity. Neither the Slovak government nor the central bank have stated whether they would accept the proposal. SITA

Compiled by Zuzana Vilikovská from press reports
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