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NBS starting to withdraw crown coins

The Slovak National Bank (NBS) is about to start withdrawing crown coins from circulation at a pace that will be regulated according to the situation on the market – enabling commerce to function normally until the end of the year, NBS governor Ivan Šramko told the TASR newswire on August 19.

The Slovak National Bank (NBS) is about to start withdrawing crown coins from circulation at a pace that will be regulated according to the situation on the market – enabling commerce to function normally until the end of the year, NBS governor Ivan Šramko told the TASR newswire on August 19.

Speaking after the ceremonial start-up of the minting of euro-coins at the Kremnica Mint, Šramko said that NBS will withdraw the largest amount of crown coins after January 16, 2009. In preparing for this, the number of crown coins in circulation is estimated at 450 million pieces. The same process of withdrawal will be applied to bank notes, of which there is an estimated 160 million pieces.

The NBS will borrow euro bank notes from the Austrian National Bank while the notes are printed in one of the European printing offices. There are eight or nine such operations in Europe, and the NBS has already announced tenders for the projects, Šramko said. Slovakia joins the eurozone on January 1, 2009. TASR

Compiled by Zuzana Vilikovská from press reports
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