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Gasparovic signs act on Slovakian euro

Slovak President Ivan Gasparovic ratified the law paving the way for introducing the common European currency in the country.

The act concerns regulations relating to dual circulation and pricing, rules for rounding off prices in changeover calculations, and rules for exchanging cash in korunas after the Slovak currency is no longer valid.

The newly-signed law doesn't relate to meeting the Maastricht criteria set as conditions for euro adoption. Nor does it mention Slovakia's macro-economic or currency situation vis-a-vis its preparations for joining the eurozone.

The law also amends further regulations, principally the law on the Slovak central bank (NBS), whereby powers relating to currency and the issue of banknotes and coins will be transferred from NBS to the European Central Bank (ECB).

The first provisions of the law should come into effect as of January 1, while others will be valid when the changeover rate is determined, which is due to be take place in the summer of 2008. The remaining provisions are set to enter into force as of the planned date of the introduction of the euro, i.e. January 1, 2009. (Sktoday)