SKK (Slovak Koruna)

What Is the SKK (Slovak Koruna)?

SKK is the currency condensing for the Slovak koruna (SKK), the currency for Slovakia from February 8, 1993, to December 31, 2008. The koruna was comprised of 100 halierov and is frequently given the symbol Sk. It is otherwise called the "crown."

Grasping the SKK (Slovak Koruna)

At the point when the Czechoslovak Federation split in two of every 1993 to form two new countries, the Czech Republic and Slovakia, the Czechoslovak koruna additionally split, introducing two new currencies: the Czech koruna and the Slovak koruna. The SKK could be utilized for cash payment until January 16, 2009.

On May 1, 2004, Slovakia was accepted as a member of the European Union, and the movement toward the conversion to the euro started. Very quickly, it was feasible to pay with euros in many shops in Slovakia. Nonetheless, much of the time, a purchase utilizing euros brought about a less good exchange rate, and change was paid in Slovak korunas.

Historical Exchange Rates for Slovakia

N\u00e1rodn\u00e1 banka Slovenska (NBS), the central bank of Slovakia, started distributing exchange rates consistently on January 4 1993, the year SKK was laid out as a separate currency.

The NBS utilized direct quotation, and the worth of the home currency was given against a set unit of a foreign currency. For instance, the USD/SKK exchange rate demonstrated the way that numerous Slovak korunas could be exchanged for one US dollar. In January 1996, NBS started to distribute the exchange rates of chosen currencies consistently, and in December 1998 the three-month and half year forward rates of the Slovak koruna against the German mark (later the euro) and the U.S. dollar were distributed.

The Slovak koruna's variance band and currency basket peg were canceled on October 2, 1998. A free floating exchange rate in light of the currency's supply and demand was presented for the Slovak koruna. On January 1, 2009, the euro turned into the reference currency for the SKK. December 31, 2008 was the last day that SKK exchange rates were distributed.

The History of the Slovak Koruna

The gold-supported koruna currency originally showed up in the Austro-Hungarian Empire in 1892. It helped the Empire's economic and financial integration with mechanically advanced Europe. The Czechoslovak koruna (K\u010d) was the currency from 1918 to 1939 when it was supplanted by the Slovak koruna (Ks). After the finish of World War II, in 1945, the country returned to the Czechoslovak koruna (K\u010ds) and retained it until 1993. From that point for the rest of 2008, the country's currency was the modern Slovak koruna (Sk).

The Slovak koruna categories were the 10 Sk, 5 Sk, 2 Sk, 1 Sk, 50 hal, 20 hal, and 10 hal coins; and the 5000 Sk, 1000 Sk, 500 Sk, 200 Sk, 100 Sk, 50 Sk, and 20 Sk banknotes.