Euro Cash Fully in Place Ahead of E-Day
Slovenia has entered the final phase of preparations for the launch pf the euro on New Year's Day. "All euro cash is in Slovenia. We believe we are well prepared for the euro," a central bank official said on Thursday.
According to Bozo Jasovic, a member of the Banka Slovenije Board of Governors, banks will have been fully supplied with euro cash by Friday so that citizens will be able to buy start-up packs of Slovenian euro coins.
The central bank has been supplying banks and companies with euro cash since September, in which time there has been no sign that anything will go wrong.
"The bulk of work is behind us, we are dealing with the last details to make euro changeover as efficient as possible," Jasovic told the press.
Slavko Cimpric, who is responsible for retail banking at the Banks' Association, said tests in banks showed the banking system was set for the changeover.
As of Friday, banks will be selling start-up packs of euro coins with Slovenian motifs. "The packs are not intended as a supply of euro cash but as a way to get to know euro coins that have Slovenian motifs on one of the sides," Cimpric explained.
He noted that the coins would not be in use until 1 January 2007, when the euro becomes the official currency in Slovenia.
Following the dual circulation between 1 January and 14 January 2007, all banks will change tolars into euros free of charge until 1 March. From there on, charge-free exchange will only be available in Banka Slovenije, the Slovenian central bank.
During the changeover, debit and credit card payment terminals will be out of operation between 11 PM on 31 December and 1 AM on 1 January, while automatic teller machines will be phased out between 9 PM and midnight on 31 December, whereupon they will gradually be switched on.
All 1,524 teller machines, which will give out 10 and 20 euro bank notes, are expected to be back in operation by the end of New Year's Day. "We expect more than 65% will be operative by 4 AM," Cimpric said.
Selected branch offices of banks will be changing tolars into euros in 42 towns across the country on the bank holidays 1 and 2 January.
If something goes wrong with cash machines, banks will open additional offices to allow customers to take out cash. "A single withdrawal will be probably limited to around EUR 200," Cimpric added.
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