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At its session held at the level of the EU Member States’ Finance Ministers on 8 July 2008 in Brussels, the Council of the European Union set an irrevocable conversion coefficient for the euro and the Slovak koruna currency (the conversion rate) at 1 € = 30.1260 SKK.
The Slovak Republic is set to join the Eurozone on 1 January 2009 in line with a previous decision of the Council, being the 16th Member State to use Europe’s single currency – the euro. The conversion rate to exchange Slovak korunas for euros will be effective as of 1 January 2009.
From its fixing date until the end of 2008, the conversion rate will be used for the purposes of dual display of prices and other financial values. In exchange offices, all transactions between the Slovak koruna and the euro will continue to be performed, until the end of 2008, on the basis of the market exchange rate.
"I am absolutely happy - entering the Eurozone is a historical success for Slovakia. It is a great success primarily for the people, whereas the exchange rate will not damage businesses. It’s great news for the entire society. We are really happy to have reached this phase and to be definitely allowed to join the Eurozone. Within the framework of the procedure, we managed to approach the limits of the Slovak koruna’s maximum appreciation. Since the current government took over, the exchange rate has firmed by some 24%, which can be described as a significant appreciation of the koruna," Finance Minister Ján Počiatek commented on the fixed conversion rate.
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