Note: This currency has been replaced by the Euro.
Overview
The Slovak Koruna was the official currency of Slovakia between February 8, 1993 and December 31, 2008. To differentiate the Solvak Koruna against other Koruna-denominated currencies, values were often followed with Sk. The Koruna was sub-divided into 100 haliers.
The term Koruna for is literally translated as crown in the English language. Both the Koruna and halier take on two plural forms, with koruny and haliere used for values of 2, 3, and 4, and korun and halierov used for all other multiples.
The Koruna was replaced by the Euro on January 1, 2009 at a rate of 30.1260 Korunas = 1 Euro.
Economy
Slovakia is amongst the highest growth economies in the region, reaching as high as 8.9% in 2006. The movement from a centrally planned economy to a market-driven economy, as well as increases in privatization and foreign investment have helped spark the high growth.
In the late 1990s, unemployment was rampant, reaching as high as 19.2% in 1999, but more recent figures show a marked decline (7.5% in October 2008). However, unemployment is still amongst the highest in the European Union.
In 2008, Slovakia switched from receiving aid from the World Bank to being an aid provider.
Services make up the majority of the Slovakian GDP, though automobile manufacturing is also large – Slovakia produces more vehicles than any other country (per capita).
The Slovakian economy is also driven by international trade, thanks primarily to its central location in Eastern Europe.
History
The Slovak Koruna was first introduced in the Slovak Republic from 1939 to 1945, replacing the Czech Koruna at par.
Upon the reformation of Czechoslovakia in 1945, the Slovak Koruna was replaced by the Czechoslovak Koruna, again at par.
Following the separation of Slovakia and the Czech Republic in 1993, the Slovak Koruna again replaced the Czechoslovak Koruna at par. Both coins and banknotes were introduced by the country as legal tender.
The Slovak Koruna was replaced by the Euro on January 1, 2009.
