Commission proposes the euro conversion rate for Slovenia
28 June 2006
The European Commission today proposed that with effect from 1
January 2007 the euro will replace Slovenia's currency, the tolar, at
the fixed and irrevocable conversion rate of 239.640 tolars for one
euro. This is the central rate at which the tolar entered ERMII two
years ago and at which the tolar-euro exchange rate has stayed close
ever since. The decision on the conversion rate must be taken by the
euro area finance ministers together with Slovenia during the next
Ecofin Council on July 11.
This is the central rate agreed on 28 June 2004 when the Slovenian
currency entered the Exchange Rate Mechanism II (ERMII). As the
Commission noted in its Convergence Report on Slovenia of 16 May, the
tolar-euro exchange rate has stayed close to the central rate with
maximum variations of roughly 0.1% both up and down.
The final decision will be taken by the finance ministers of the
euro area and Slovenia during the next Ecofin meeting on July 11, in
Brussels. Earlier that day the Ecofin Council is expected to approve
the Commission's proposal of May 16 ending Slovenia's derogation from
the euro and clearing the way for the adoption of the euro by Slovenia
on January 1, 2007.
Source: European Commission