DEFINITION of 'SKK (Slovak Koruna)'
The currency abbreviation for the Slovak koruna (SKK), the currency for Slovakia from February 8, 1993, to January 1, 2009. The koruna is made up of 100 halierov and is often presented with the symbol Sk.
Also known as the "crown".
BREAKING DOWN 'SKK (Slovak Koruna)'
When the Czechoslovak Federation split in two in 1993 to form two new countries, the Czechoslovak koruna also split, introducing two new currencies: the Czech koruna and the Slovak koruna.
On May 1, 2004, Slovakia was accepted as a member of the European Union, and the progression toward the conversion to the euro started. Almost immediately, it was possible to pay with euros in many shops in Slovakia. However, in many cases a purchase using euros resulted in a less favorable exchange rate, and change was paid in Slovak korunas. It is to be completed January 1, 2009.