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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