Slovakia is going to adopt euro on 1 January 2009
- Exchange rate fixed at Slovak koruna 30.126 = 1 EUR
- Further stabilisation of economy and GDP growth of 7.7 % expected
Today the Council of EU Finance Ministers (ECOFIN) has announced its final and positive decision on the adoption of the euro as future currency of Slovakia. The country will enter the European Monetary Union (EMU) on 1 January 2009. Slovakia will thus be the 16th country joining the EMU and after Slovenia, the second country in the Central and Eastern European (CEE) region. The conversion rate of the Slovak koruna versus the euro has been set at SKK 30.126 = 1 EUR.
Slovakia is one of the fastest growing economies in CEE, with a GDP growth expected to reach 7.7% yoy in 2008 versus a CEE region average of 5.8%. Enjoying a competitive business environment, the country has attracted many foreign direct investments (FDI) in the recent years and has increasingly specialised in mid-high technology sectors, such as the automotive industry, electrical and optical equipment.
“The Euro introduction will allow Slovakia to further stabilise its economic environment”, says Debora Revoltella, CEE Chief Economist of UniCredit Group. “Besides abating the uncertainty related to exchange rate movements versus the Euro, cross-border transactions will become easier. Moreover the EMU entry will further stimulate the country to pursue fiscal consolidation, to keep a low inflation environment and to continue to strengthen its competitive position.”
About UniCredit Group
With total assets of more than €1,000 billion, ranking among the top financial groups in Europe, UniCredit has a presence in 23 countries, with over 40 million clients, round 10,000 branches and some 180,000 employees.
In the CEE region, UniCredit operates the largest international banking network with over 3,900 branches and outlets, where more than 80,000 employees serve about 27 million customers. The Group operates in the following countries: Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Tajikistan, Turkey and Ukraine.
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