Currency of Slovakia

Nowadays the official currency of Slovakia is Euro. However, before Euro, the currency of this country was Koruna and the ISO code of Koruna was SKK. The Slovak Koruna was the state-certified currency of Slovakia that was used from February 8, 1993 to December 31, 2008. The Koruna was interpreted and read as “crown” in the English language. The words “Koruny” and “Haliere” were used for values of 2, 3, and 4 and “Korun” along with “Halierov” were used for all other currency values. Every Koruna was furthermore divided into 100 halieres. When it was in use, the currency notes appeared in the denominations of 20, 50, 100, 200, 500, 1,000 and 5,000 SKK and the coins were in the denominations of 50h; 1, 2, 5 and 10 SKK.

Before the induction of Euros in 2008, the GDP of Slovakia declined largely. In order to boost up their GDP in 2008, Slovakia started getting aid from the World Bank and in order to improve their financial system and then they decided to join the European Union. Thus, the Slovak Koruna was swapped by Euro on January 1, 2009 and Euro became the official national currency of Slovakia. The validity of prior Slovak Crown was abolished and could only be exchanged at the National Bank of Slovakia.