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Exchange rate: 239,640 SIT = 1 €
On 11 July 2006, the EU finance ministers also adopted the decision to abrogate the derogation from adopting the euro (under the Accession Treaty the new member states were given a temporary derogation from adopting the euro until all necessary criteria for the adoption of the euro have been met). The irrevocable exchange rate was proposed on 28 June 2006 by the European Commission which assessed that the tolar-euro exchange rate has stayed close to the central rate with maximum variations of 0.1 both up and down, despite the permitted fluctuation band of ?15 per cent. On 28 June 2006, Slovenia officially fulfilled the convergence criteria, as two years had passed since its entry into ERM II. On 1 January 2007, the euro will replace the tolar. All tolar sums will be converted into euros. Slovenia is the first new member state and the 13th EU member to adopt the euro as its currency. | |
The irrevocable exchange rate between the tolar and the euro is
239.64 tolars to one euro. The rate was approved on 11 July 2006 by
the Eurozone finance ministers and is the same as the central parity
with which Slovenia entered the Exchange Rate Mechanism II (ERM II)
two years ago.