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Slovenian take-over of the euro as of the year 2007

Euro starsAs the first of the ten new members that joined the EU in the year 2004, Slovenia will adopt the euro as its official currency as of 1.1.2007. The country between the Adriatic Sea and the Alps is thus the 13th country to join the European monetary union. The tolar, the current national currency, will be discontinued after its 15-year run and Slovenians will be counting out 239.64 tolars for one euro. On the new coins there will be images of the Lipizzaners, Triglav (as the highest mountain in the country), France Prešeren (as the author of the national anthem), and so on.

Among the new members of the EU, Slovenia has a reputation of being an economically exemplary (stable) country. Slovenia is the only one out of the ten new member countries that fulfils the criteria of low public deficit, the lowest public debt, interest rates, monetary stability and inflation.

Since the month of March 2006, prices at shops and restaurants have been expressed in tolars as well as in euro. In September 2006 salaries will be calculated in both currencies for the first time. Only two weeks after the new year, both currencies will be equally accepted as legal means of payment. However, as of the beginning of the month of March 2007, it will only be possible to exchange the old Slovenian currency (tolar) for euro at the issuing bank (Bank of Slovenia).

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