What is ‘to sit (Slovenian Tolar)’
Sit is the currency Abbreviation for the Slovenian Tolar, which was the currency of Slovenia since October 1991 until December 2006. The abbreviation was used to sit on the foreign exchange market, which is the largest financial market in the world, with daily average volume of over $1 trillion.
Penetration ‘to sit (Slovenian Tolar)’
The Slovenian Tolar was 100 stotini. Different words are used to denote different quantities of the currencies. For example 2 sit called 2 “tolarja”; 3 or 4 sitting called 3 or 4 “tolarji”; “tolarjev” refers to 5 to sit or more.
After Slovenia declared its independence in 1991, the Tolar was introduced as the national currency. He replaced the Yugoslave Dinar at par. In 1991, the Bank of Slovenia issued banknotes that were put into circulation as a temporary currency, with the first Tolar banknotes goes into circulation next September.
When Slovenia joined the European monetary Union in January 2007, the Tolar was replaced by the Euro at the exchange rate of 239.64:1. Tolar denominations come in coins and banknotes. Tolar notes, which are no longer in circulation can still be exchanged for euros at the Bank of Slovenia.
The Tolar to the Euro
Slovenia joined the European Union in may 2004 and a few years later, in January 2007, the country adopted the Euro (€) as its currency. It was necessary to fulfill a number of criteria, known as “convergence criteria” or “Maastricht criteria”, which included requirements such as a stable exchange rate and low and stable interest rates. To help the country cope with the transition from Tolar to Euro and prevent unjustified price increases, prices of goods in Slovenia were presented in both currencies from March 2006 to June 2007.
The Euro is the official currency for 19 of the 28 member countries of the European Union. Denominated in euros banknotes include 5, 10, 20, 50 and 100 Euro, and coins of 1, 2, 5, 10, 20 and 50 cent coins. The adoption of a single currency in many member States makes a save against the effects of changes in exchange rates and the foreign exchange costs and easing trade between the two countries.
In the European Central Bank (ECB) and individual member countries Central banks carry out oversight of the Euro. The ECB, which is aimed at maintaining price stability, controls monetary policy and sets interest rates in the region