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Slovenia Business Week no. 18: Euro Bill Ready for ECB Review

The Finance Ministry has published a draft of a euro changeover bill, which is currently being reviewed by the European Central Bank (ECB)

The Finance Ministry has published a draft of a euro changeover bill, which is currently being reviewed by the European Central Bank (ECB), the ministry told STA on Thursday, 4 May.

According to the ministry, the ECB has one month to give its opinion on the legislation, which will then be debated by the government.

The bill defines the procedures during the country's switch to the euro as a national currency, planned for 1 January 2007.

The bill mainly deals with the procedure of substituting the euro for the tolar, sets the two-week period when both currencies will be in circulation and the withdrawal of the tolar from circulation.

The bill would also serve as a legal basis for a smooth transition from the tolar to the euro in the public administration, judiciary and companies.

While Slovenia's central bank Banka Slovenije will exchange the tolar banknotes into the euros indefinitely and without commission fees, it is only expected to exchange tolar coins until 31 December 2016.

The bill also sets a 60-day period from the switch during which banks, savings banks and post offices will have to exchange tolars for euros free of charge.

Tolar deposit accounts, securities, contracts, bills and other financial instruments will be calculated into euros on the day of the switch free of charge.

Source: Slovene Press Agency STA

Author: STA