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Slovenia Business Week no. 03: EU Labels Slovenia's EU Changeover as Successful

Slovenia's first two weeks with the euro have gone smoothly with no major problems encountered in the cash changeover

The European Commission on Friday, 12 January labelled Slovenia's changeover to the euro as successful: as the period of dual circulation of euros and tolars draws to a close, virtually all cash payments in Slovenia are being made in euros. Consumers and shops have been coping well and everything is back to normal.

Slovenia's first two weeks with the euro have gone smoothly with no major problems encountered in the cash changeover. The use of euros for cash payments has risen rapidly and now virtually all cash transactions are being carried out in euros, the Commission's press release reads.

This is confirmed by the results of a survey carried out among the Slovenian population for the Commission on Wednesday, 10 January evening, showing that 94% of Slovenians had 'only' or 'mostly' euro banknotes in their wallets, of which 82% had 'only' euro banknotes. The corresponding figures for euro coins were 95 and 81% respectively.

By the end of 10 January 2007, almost 80%-worth of tolars in circulation had been returned to banks and withdrawn from circulation. By all indications the backflow of legacy cash is proceeding very quickly.

The Commission says the successful changeover can be attributed to the "thorough preparations by the various actors involved, in both the public and the private sector."

The rapid conversion of the banks' automated teller machines (ATMs) on 1 January played a major role in the smooth cash changeover, as did the commercial banks' flexible opening hours for cash exchanges on the bank holidays 1 and 2 January.

Finally, the positive spirit in which the Slovenian citizens have participated in the changeover has also contributed to its success, the report says.

Source: Slovenian Press Agency STA

Author: STA, Slovenian National Press Agency