SIT (Slovenian Tolar)

What Was the Slovenian Tolar (SIT)?

SIT was the currency condensing for the Slovenian tolar, the official currency of Slovenia from October 1991 until December 2006. Slovenia joined the European Union (EU) in May 2004, and in January 2007 the country adopted the euro as legal tender.

Figuring out the Slovenian Tolar

One Slovenian tolar was comprised of 100 stotinov. Different measure words were utilized to allude to shifting measures of the currency. For instance 2 SIT were called 2 tolarja, while at least five SIT is alluded to as tolarjev.

After Slovenia declared independence from Yugoslavia in 1991 (at the time a protectorate of the Soviet Union), the tolar was presented as the country's currency. It supplanted the Yugoslav dinar at par. In 1991, the Bank of Slovenia issued notes that were coursed as an impermanent currency, with the main banknotes of the tolar going into circulation the following September.

At the point when Slovenia joined the European Monetary Union in January 2007, the tolar was supplanted by the euro at a rate of 239.64 to 1. Denominations of the tolar came in coins and banknotes. Tolar notes, which are not generally utilized in circulation, can in any case be exchanged for euros at the Bank of Slovenia.

In 2019, Slovenia registered GDP growth of 3.18% with inflation at 1.63%, as per World Bank data.

The Tolar to the Euro

Before Slovenia could join the EU, it was required to satisfy "union criteria," otherwise called the "Maastricht criteria," which incorporates keeping a stable exchange rate and a low and stable interest rate. To help the transition from the tolar to the euro and forestall outlandish price builds, prices of good in Slovenia were shown in the two currencies between March 2006 and June 2007.

The euro is the official currency for 19 of the 27 EU member nations. Denominations of the euro incorporate banknotes for 5, 10, 20, 50, 100, 200 and 500 euros, as well as 1, 2, 5, 10, 20 and 50 penny coins, and 1 and 2 euro coins. The adoption of a single currency takes out fluctuating exchange rates and exchange costs, as well as works on trade between countries.

The European Central Bank (ECB), as well as the central banks of individual member countries, direct the euro. The ECB, which means to keep up with price stability, directs monetary policy and sets interest rates in the region.

Features

• While tolar are not generally exchanged in circulation, old banknotes can be reclaimed for euros at the Bank of Slovenia.
• In 2007, Slovenia changed to the euro as part of its liabilities as a member of the European Union.
• The tolar was the national currency of Slovenia from its independence in 1991 through 2006.