In 1993, the Czechoslovak federation split in two, forming two new countries. The currency of the Czechoslovak federation, the Czechoslovak koruna, also split introducing two new currencies: The Czech koruna and the Slovak koruna or “crown.” The Slovak koruna (SKK) is the official currency used in Slovakia. One koruna is divided into 100 hellers with the acronym being placed behind the numeric value. There are seven different notes and seven different coins in issue with the notes being issued in denominations of 20sk, 50sk, 100sk, 200sk, 500sk, 100sk, and 5000sk notes. On May 1, 2004, Slovakia was accepted as a member of the European Union. Since this time, the progression towards the conversion to the European currency, the Euro, has started. It is already possible to pay with Euro in some shops in Slovak near the Austrian border. The exchange rate is usually less favorable than it would be in a bank and your change is always received in Slovak Korunas, however, the Euro should replace the Slovak koruna completely by the end of 2010.
Sovereign Ratings for Slovakia
| Moody's Rating |
| A3 |
| S&P Rating |
| BBB |
|
Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets. |
What does it look like?
Political Structure
Slovakia operates under a parliamentary democratic republic. The Slovak head of state is the president, elected by direct popular vote for a five-year term. Most executive power lies with the head of government, the prime minister, who is appointed by the president, but in most cases is the leader of the opposition majority party. The remainder of the cabinet is appointed by the president on the recommendation of the prime minister. The Legislative body consists of a unicameral body called the national council of the Slovak Republic. The members of the 150-seat legislature are elected by proportional representation to serve four-year terms. The highest judicial body is the Constitutional court, which rules on constitutional issues. The 13 members are appointed by the president, chosen from a pool of candidates nominated by parliament.
Prominent Figures
The president of the republic is Rudolph Schuster, who has been in power since 1999 and is up for election in 2009. The Prime Minister is Mikulas Dzurinda, who has been in power since 1998. The central bank of Slovakia is the National Bank of Slovakia, headed by the governor, Ivan Sramko.
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