Banknotes and coins

Introduction of the euro in Slovenia

With the entry into force of the Act introducing the Euro, from 1 January 2007 Slovenia’s currency became the euro, and euro banknotes and coins became legal tender. Slovenia introduced the euro as the first of the ten countries that joined the EU on 1 May 2004. As of 1 January 2007, the euro became a legal tender in Slovenia, following an irrevocably fixed exchange rate of 1 EUR = 239,640 SIT. From 15 January 2007, only euro banknotes and coins can be paid in Slovenia; until 14 January 2007 there was a dual circulation period, in which tolar bankonotes and coins could be used for cash payments.

Payment notes and tolar banknotes are exchangeable at Bank of Slovenia counters with no time limit, while the final day for exchanging tolar coins was 3 January 2017.

Phases of introducing the euro in Slovenia

 

 

Pre-accession stage
(until EU accession, i.e., until 1 May 2004)

 
  • Fulfilmentof the criteria for EU membership.
  • Transposition of the acquis related to the Economic and Monetary Union (EMU).
  • Beginning of consultations regarding participation in ERM II and the central rate

 

From the EU accession until joining ERM II
(from 1 May 2004 to joining ERM II on 28 June 2004)

 
  • Participation in EMU as a member state with a derogation regarding the introduction of the euro.
  • The exchange rate policy is a matter of common interest.
  • Bank of Slovenia becomes part of the European System of Central Banks (ESCB) - Governor of the Bank of Slovenia is a member of the General Council of the European Central Bank (ECB).
  • Compliance with the rules regarding the coordination of economic policies in EMU.

 

Participation in ERM II

(from 28 June 2004)

 
  • The exchange rate policy focuses on a stable exchange rate against the euro.
  • The European Commission and the ECB prepare a convergence report:
  • Following the decision that Slovenia can introduce the euro, the conversion rate between the euro and the tolar is adopted (decision).

 

Introduction of the euro
(1 January 2007)

 
  • Irrevocably set conversion rate between the tolar and the euro enters into force (1 EUR = 239,640 SIT).
  • Introduction of the euro as legal tender.
  • Bank of Slovenia becomes part of the Eurosystem consisting of the ECB and national central banks of those EU member states that have introduced the euro (Governor of the Bank of Slovenia is a member of the Governing Council of the ECB).

 

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