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Home >> Business
UPDATED: 10:40, January 13, 2007
EU says Slovenia's euro changeover successful
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Slovenia's currency changeover comes to a successful close this weekend with virtually all cash payments in the country being made in euros, the European Commission said on Friday.

Since the euro began to take over from the tolar as the legal tender in Slovenia on Jan. 1, Slovenians have been well adapted to their life with the new currency, the commission said in a press release.

The use of euros for cash payments has risen rapidly. About half of all cash transactions were made in euros on Jan. 4, the proportion was around three quarters two days later, and now virtually all deals are carried out in euros, it said.

A survey conducted on Wednesday found that 94 percent of Slovenians had "only" or "mostly" euro banknotes in their wallets, and 95 percent had "only" or "mostly" euro coins, said the commission which acts as the EU executive.

The first two weeks with the euro have gone smoothly, thanks to thorough preparations by both public and private sectors and Slovenian citizens' positive spirit in converting the currency, it said.

The withdrawal of the tolar is proceeding very quickly. By the end of Wednesday, almost 80 percent in value of the former currency had been returned to banks and withdrawn from circulation.

Retailers, provided by banks with enough cash, have helped ensure a rapid changeover by offering changes exclusively in euros. Automated teller machines (ATMs) also played a major role in the smooth cash changeover on Jan. 1.

Consumers and shops have coped well with payments in euros despite the increased activity since the beginning of the winter sales on Jan. 8.

The tolar becomes history when the dual circulation period ends on Jan. 14 and the euro becomes the sole legal tender in Slovenia.

But Slovenians can continue exchanging tolars at their banks free of charge until March 1, and after that at the Bank of Slovenia.

Source: Xinhua


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