The Slovakia Koruna (SKK) was the official currency of Slovakia until 2009.

However, with Slovakia’s entry into the European Union (EU) in 2004 and its adoption of the euro on January 1, 2009, the Slovak Koruna was replaced by the euro (EUR) as the country’s official currency.

The euro is managed by the European Central Bank (ECB) and the national central banks of the Eurozone member countries, including the National Bank of Slovakia.

History of the Slovak Koruna

The Slovak Koruna was introduced as the official currency of Slovakia on February 8, 1993, after the dissolution of Czechoslovakia and the subsequent creation of the independent states of Slovakia and the Czech Republic.

The Slovak Koruna replaced the Czechoslovak Koruna at par, meaning that 1 Slovak Koruna was equal to 1 Czechoslovak Koruna.

Before its replacement by the euro, the Slovak Koruna was subdivided into 100 smaller units called haliers.

Coins were issued in denominations of 10, 20, and 50 haliers, as well as 1, 2, 5, and 10 Korunas.

Banknotes were available in denominations of 20, 50, 100, 200, 500, 1,000, and 5,000 Korunas.

Transition to the Euro

Slovakia’s adoption of the euro was a result of its accession to the European Union and its commitment to fulfill the convergence criteria outlined in the Maastricht Treaty.

The convergence criteria include requirements such as low inflation, low public debt, stable exchange rates, and low long-term interest rates.

After meeting these criteria, Slovakia joined the Eurozone on January 1, 2009, and the euro became its official currency.

During the transition period, both the Slovak Koruna and the euro were in circulation, with a fixed exchange rate of 30.1260 Slovak Korunas to 1 euro.

After the transition period, the Slovak Koruna was no longer legal tender, and all transactions in Slovakia have since been conducted using the euro.

Summary

The Slovak Koruna was the official currency of Slovakia from 1993 until its replacement by the euro in 2009.

The currency was subdivided into 100 haliers and was available in various coin and banknote denominations.

The euro was adopted as Slovakia’s official currency following its accession to the European Union and its fulfillment of the convergence criteria outlined in the Maastricht Treaty.