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A Brief History Of Slovenian Currency

Slovenian currencySlovenian currency

First instituted in 1991, the official currency of Republic of Slovenia was the Tolar. Based on a currency used in Europe during the middle ages, the Tolar fluctuated against e Euro until the beginning of 2007 when Slovenia became a part of the Eurozone. The seeds for a stable Slovenian currency were laid in 1992 since the European Union and the United Nations accepted Slovenia’s sovereignty and membership.

History of the Slovenian Tolar

The name ‘Tolar’ is a variant of the last currency that was widely used in several forms all across Europe, the Taler. The Taler was a currency used in various forms by several nations from the early 16th century to the early 20th century.

In 1991, the National Bank of Slovenia instituted the minting of the Tolar as a replacement for the Yugoslavian Dinar. The Yougoslavian Dinar was a volatile currency, being devalued several times. However, in 1991, Slovenia’s separation as a financial entity resulted in the replacement of the Dinar with the Tolar.

The Slovenian Tolar, denoted by the ISO 4217 currency code SIT remained the country’s primary currency. Slovenian currency had denominations called Stotinov, 100 of which made a Tolar. Slovenia had denominations of 10, 20 and 50 Stotinov. The Tolar was issued in coin form from 1 to 50 Tolarjev and in banknote form from 10 Tolarjev to 10,000 Tolarjev.

Currency Performance

Since its inception, the Tolar almost continuously depreciated against the Euro, albeit performing marginally better than the Yugoslavian Dinar. The currency experienced a boost in 1998 and 2001 remaining stable against the Euro. 2003 was a good year for Slovenian currency with a relatively stable tracking against the Euro. This period saw Slovenian currency hold at approximately 230 Slovenian Tolar to the Euro. The movement towards the European Union and strong European and Worldwide markets saw the currency experience some fluctuations until the end of 2006.

Slovenia has now converted to the Euro and the Tolar has ceased to be the official Slovenian currency although the legacy of the Tolar and its name are echoed in the most powerful currency in the world, the American Dollar.

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