Brussels - The European Union has approved a revaluation of the Slovak national currency, the koruna, by almost 18 per cent, shortly before EU member states are set to decide on whether or not Slovakia should join the euro next year.
Following a request from the Slovak government, the ministers of the 15 countries which currently use the euro, plus officials from Denmark, the Baltic states and the European Central Bank, agreed to revalue the koruna upwards by 17.65 per cent, a statement from the European Commission said late Wednesday-early Thursday.
The new, strengthened rate of the koruna to the euro, which is allowed to fluctuate by 15 per cent, is 30.126 koruna per euro, the statement said.