Wednesday, 28 January 2009

Crown to Euro Brings Along Fines for Abusers

The Slovak Commerce Inspection will issue the first fine to a company that abused the currency switch from Slovak Crown to the Euro to unjustifiedly increase prices. The Inspection "proved" there was a 50% increase by a children's game machines operator in the Trnava region.

Euro became Slovakia's official currency on January 1, 2009 when the country became the 16th member of the Eurozone. For 15 days the currencies circulated in parallel but now crowns can only be exchanged in banks.

The Inspection reportedly (in Slovak) received 460 complaints from citizens, 260 concerning price increases (the rest probably on issues such as not posting prices in both currencies as required).

There is a Price Board/Council in place, led by an older guy from old-school employer association, to monitor prices. The Council identifies sensitive areas. They have now promised to take a close look at changes in taxi prices, hairdressers, restaurants and school dorms.

I did tell you they were crazy!

P.S. I am required by law to disclose to you here that the official conversion rate is 30,1260 crowns to the Euro.