Ten years of the euro in Slovakia

31. 12. 2018 | Press Release of the NBS

The benefits from ten years of the euro

In the ten years since it was adopted by Slovakia, the euro has benefited the country in several ways:

  •        by supporting domestic price stability - the changeover to the euro in 2009 had very little impact on prices and in the following ten years, the average annual inflation rate in Slovakia has been only 1.3%;
  •        by reducing transaction costs in the areas of foreign trade and tourism, thus increasing the savings of firms and households by around 0.3% of GDP per year, which translates into an annual saving for Slovakia of more than €200 million;
  •        by boosting Slovak exports by as much as 10%, according to estimates;
  •        by removing exchange rate risk in foreign trade with euro area countries.

According to the most recent Eurobarometer survey, 69% of Slovaks think the euro has been good for their country. The survey also revealed that Slovaks have become used to transacting with this currency, with 90% of respondents saying they found making payments with euro banknotes to be completely straightforward.

Unredeemed Slovak koruna banknotes

By the end of December 2018, a total of 18.77 million Slovak koruna banknotes were unredeemed and their combined face value was SKK 2.16 billion (€71.7 million).

  •     The unredeemed koruna banknotes represent around 1.42% of the total value of koruna banknotes issued.
  •     In per capita terms, koruna banknotes unredeemed by the end of 2018 numbered between three and four and had a face value of SKK 397 (€13.2).
  •     In 2018 approximately 3,700 transactions involving the exchange of koruna for euro were conducted at Národná banka Slovenska.
  •     Almost fifty thousand Slovak banknotes were redeemed in 2018 and their combined face value was more than SKK 27 million.
  •     Slovak koruna banknotes and Slovak koruna commemorative coins are exchangeable at Národná banka Slovenska at no charge and for an unlimited period.

NBS activities marking the 10th anniversary of euro adoption

Národná banka Slovenska will be marking the 10th anniversary of Slovakia's euro adoption in the following ways:

  •        by lighting up a symbolic euro sign and number 10 at the NBS building, for a ten-day period beginning on 1 January 2019;
  •        by issuing a €10 silver collector coin with the anniversary as its theme;
  •        by hosting an international expert conference on the occasion of the anniversary;
  •        by sending representatives to ten schools in different parts of Slovakia during 2019, so as to give pupils an opportunity to discuss the euro and the issue of financial literacy.

Martina Vráblik Solčányiová
NBS Spokesperson

Ten years of the euro in Slovakia

National Bank of Slovakia
Communications Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2142, +421-2-5865 2142, +421-2-5787 2169, +421-2-5865 2169
Internet: http://www.nbs.sk

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