Introduction of the euro

Frequently Asked Questions

What is the conversion rate?

The Slovak koruna will be converted to euro by means of a conversion rate set by the Council of the EU. As announced today (July 8, 2008) Council of Ministers of Finance of EU countries (ECOFIN) set the conversion rate as follows: 1 EUR = 30.1260 SKK. The rounding will be performed after the conversion using mathematical principles to the closest cent, unless the law prescribes otherwise.

What is the dual circulation?

The dual circulation period of both currencies will take place from 1 January to 16 January 2009. During this period it will be possible to pay with euro and Slovak korunas. However, even if a payment is made in koruna banknotes and coins, the change will be given in euro. As of 17 January 2009 it will only be possible to pay with euro.

What is the dual display of prices?

Dual display of prices means that monetary values are expressed in both koruna and euro simultaneously or that amounts are reported in both currencies. It will be introduced no later than one month after the determination of the conversion rate (the planned date of introduction is 1 July 2008). This obligation will be in place for 12 months following the introduction of euro, whereby a further continuation of dual pricing is voluntary. Dual pricing will be required wherever amounts, prices or values are denominated in domestic currency (e.g. bank accounts, invoices, price quotations, etc.). The prices will be converted into the official conversion rate and rounded up or down to the nearest eurocent.

Is it necessary to conclude new contracts due to the introduction of new currency?

No, all contracts remain in place. The principle of continuity of contracts applies, i.e. all contracts remain in place. As of 1 January 2009 all amounts due will be paid in euro recalculated at the conversion rate. Any change of contract is subject to a mutual agreement of both contractual parties.

What impact will the introduction of euro have on interest rates?

The day of euro changeover will not have an impact on interest rates, as prior to the euro changeover the National Bank of Slovakia will change/modify the interest rates to the level of rates applicable in the eurozone. Individual interest rates agreed in the contracts will remain in place until the termination of the contract in question. The issue of interest rates will also be regulated in a general (umbrella) law on euro changeover.

What will happen with my savings on CSAS accounts after 1 January 2009?

Financial resources on bank accounts denominated in Slovak korunas will be automatically recalculated at the conversion rate to euro.

Is it necessary to contact the CSAS representatives prior to the adoption of euro?

No, it is not necessary, as our staff will continuously provide you with information.