Monday, 28 July 2008

Surely they ARE crazy - Slovakia's Price Board before euro adoption

For personal and business reasons I try not to follow current Slovak news in detail. But occasionally a detail passes through the filters...

The Slovak government is excessively concerned about businesses abusing the currency change to increase prices.

In comes the price board. They will clamp down on them Euro-introduction profiteers! The Minister of Finance will report to the board monthly and the board will take action should a business try to increase its prices around the end of 2008.

At least the government gave up on trying to make price manipulations during switch to the euro a criminal offense.

Slovakia will officially adopt the Euro on January 1, 2009. For two weeks both the Slovak crown (koruna) and the Euro will be used. The exchange rate was fixed in July to SKK 30.126 to the Euro.