The Slovenian Toral (SIT) was the official currency of Slovenia from 1991 until it was replaced by the euro in 2007.
Slovenia joined the European Union (EU) in 2004 and adopted the euro on January 1, 2007, resulting in the phasing out of the Slovenian Tolar.
The euro (EUR) is now the official currency of Slovenia and is administered by the European Central Bank (ECB) and the national central banks of the euro area member states, including the Bank of Slovenia.
History of Toral, Slovenia
The Slovenian Tolar became the official currency of Slovenia on October 8, 1991, and the country declared independence from Yugoslavia on June 25, 1991.
The tolar replaced the Yugoslav dinar at an exchange rate of 1 tolar to 0.0125 dinar.
Before being replaced by the Euro, the Slovenian Toral was subdivided into 100 smaller units called Stotinov.
Coins are issued in denominations of 10, 20 and 50 stotinov, and 1, 2, 5, 10, 20 and 50 tolar.
Banknotes are available in denominations of 10, 20, 50, 100, 200, 500, 1,000, 5,000 and 10,000 tolar.
Transition to Euro
Slovenia’s adoption of the euro is the result of its accession to the EU and its commitment to fulfill the convergence standards set out in the Maastricht Treaty.
Convergence criteria include requirements such as low inflation, low public debt, stable exchange rates and low long-term interest rates.
After meeting these criteria, Slovenia joined the Eurozone on January 1, 2007, and the euro became its official currency.
During the transition period, the Slovenian tolar and the euro were in circulation at the same time, with a fixed exchange rate of 239.640 Slovenian tolar to 1 euro.
After the transition period, the Slovenian Toral ceases to be legal tender and all transactions within Slovenia are thereafter conducted in Euros.
Summary
The Slovenian tolar was the official currency of Slovenia from 1991 until it was replaced by the euro in 2007.
The currency is subdivided into 100 stotinovs and comes in a variety of coin and banknote denominations.
After joining the European Union and meeting the convergence criteria set out in the Maastricht Treaty, the euro was adopted as the official currency of Slovenia.
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