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Slovak Euro Exchange rate is set

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  • nhasior@aol.com
    Slovak euro exchange rate is set Mr Pociatek says euro entry will boost Slovakian growth The European Union has formally invited Slovakia to join the
    Message 1 of 1 , Jul 8, 2008
      Slovak euro exchange rate is set


      Mr Pociatek says euro entry will boost Slovakian growth

      The European Union has formally invited Slovakia to join the European single
      currency and has set the rate at which korunas will be exchanged for euros.
      The official rate has been set at 30.1260 korunas to the euro.
      Slovakia will adopt the euro on 1 January 2009, becoming the 16th official
      member country to do so.
      The European Union's 27 finance ministers approved Slovakia's entry despite
      concerns from the European Central Bank about its inflation.
      "I am delighted to be welcoming Slovakia into the eurozone," said EU
      Monetary Affairs Commissioner Joaquin Almunia.
      Euro entry 'beneficial'
      Slovakia recently strengthened the value of the koruna by 15%, partly in an
      attempt to fight inflation.
      Slovakia follows other recent euro adopters including Slovenia (from 2007),
      and Cyprus and Malta in January this year.
      Its use of the single currency will add one percentage point to its economic
      growth, according to Slovakian finance minister Jan Pociatek.
      "Euro entry will be beneficial for our economy," he said. "It will attract
      foreign direct investment."





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