The Slovenia Times

Slovenia marks decade since adopting the euro

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Slovenia switched to the euro on 1 January 2007 from its national currency, the tolar, at the exchange rate of 239.640 tolars to the euro. Over the next two weeks both currencies were used concurrently.

The euro was introduced smoothly, mostly as a result of thorough preparations and a prompt switch from the tolar at ATMs, banks, cash registers and for payments with credit and debit cards.

The single currency is generally perceived as a success despite that fact that it limited leverage in dealing with the recent economic crisis.

The euro is believed to have brought greater transparency, lower interest rates, eliminated exchange rate costs and risks, improved integration of financial markets, eased access to capital and facilitated trade.

All this has had positive effects on the volume of foreign trade and investment, as well as on higher number of foreign visitor numbers and more Slovenian tourists abroad.

Between 2006 and 2015, Slovenia's merchandise exports went up by 41% and imports by 27%, tourism arrivals rose by 58% and overnight stays by 34%, the Statistics Office has calculated.

Although prices have risen, by an average 20%, the statisticians have also calculated that net monthly pay has gone up even more, by as much as 31% and GDP per capita has risen by 19%.

Slovenia will mark the 10th anniversary of the introduction of the euro with a memorial coin bearing the image of ten swallows.

Today, the single currency is a national currency in 19 eurozone countries, where it is used by more than 339 million people.

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