Currency in Slovakia

The Slovak crown was the official currency of Slovakia from 1993 to 2008. Its ISO code is “SKK”, the official abbreviation is “SK”.

On January 1, 2009, the Slovak crown was officially replaced by the euro as the currency of Slovakia. The final central rate of 30.1260 kroner per euro was determined as the final conversion rate for joining the euro zone.

Exchange of the Slovak koruna

Coins could be exchanged until January 2nd, 2014. The banknotes can currently be exchanged for the euro at the state central banks for an unlimited period.

History of the Slovak koruna

There was already a currency called “Slovak koruna” from 1939-1945.

Shortly after the division of Czechoslovakia on February 8, 1993, the Slovak crown was introduced as the currency of the now independent Slovakia. The crown is divided into 100 hellers (halierov). The 10 and 20 heller pieces became invalid on January 1st and were confiscated by the National Bank of Slovakia.

There were also the following coins: 50 hellers, 1 crown, 2 crowns, 5 crowns and 10 crowns. There were also banknotes of 20 kroner, 50 kroner, 100 kroner, 200 kroner, 500 kroner, 1000 kroner and 5000 kroner.

Slovakia joined Exchange Rate Mechanism II (ERM II) on November 25, 2005. This pegged the Slovak crown to the euro at a fixed central rate. 38.4550 crowns per euro were set as the central rate. Since the krona appreciated continuously against the euro, this central rate was changed to 35.4424 kroner per Euro on March 19, 2007 in agreement with the Slovak National Bank and the EU. On May 28, 2008, the rate was adjusted again to 30.1260 crowns per euro.

On May 7, 2008, the European Commission recommended the introduction of the euro in Slovakia based on the ECB’s convergence report. Slovakia was the only one of the nine countries assessed in the convergence report to have met all Maastrich criteria. On June 3, the Council for Economic and Financial Affairs gave its approval. At the EU summit two weeks later, the heads of state and government of the EU countries also gave their approval.