Up to 90% of Slovak crowns could be out of circulation in a few days

Experience from other countries indicates that up to 90 percent of Slovak crowns could be withdrawn from circulation as early as during the first few days after the introduction of the euro, said Milena Koreňová, a member of the board of the National Bank of Slovakia(NBS).

Experience from other countries indicates that up to 90 percent of Slovak crowns could be withdrawn from circulation as early as during the first few days after the introduction of the euro, said Milena Koreňová, a member of the board of the National Bank of Slovakia(NBS).

A rapid disappearance of Slovak crowns at the end of 2008, when only Sk77 billion (€2.56 billion) remained in circulation, also indicates a rapid changeover, news wire TASR reported.

"Twice as much - around Sk134 billion (€4.45 billion) - was in circulation at the same time in 2007," said Koreňová. "This means that we've managed to withdraw a large amount of Slovak crowns from circulation in a very short time with the help of the public and the commercial banks."

NBS expects that the rapid pace of conversion will continue over the next few days.

The dual-circulation period will last until January 16.

The NBS and commercial banks will exchange crown banknotes and coins free of charge and in unlimited amounts at the official changeover rate until January 19, 2009. After this, free exchanges in commercial banks will be limited to 100 coins until June 30, 2009, and to 100 banknotes until December 31, 2009.

As far as coins are concerned, NBS will offer this service until the end of 2013 and it will indefinitely exchange banknotes.

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