Slovenian Tolar

(redirected from Slovene tolar)

Slovenian Tolar

The former currency of Slovenia. It was introduced in 1991, replacing the Yugoslav dinar. In 2004, the tolar was pegged to the euro, which eventually replaced it in 2007.
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1 January 2007, Slovenia started to replace its currency, the Slovene tolar, by the common European currency euro.
Therefore, foreign demand is measured by Euro Area real GDP, and only the exchange rate between the Slovene tolar and the euro is considered.
Thus, the nominal exchange rate between the Slovene tolar and the euro depends on the interest differential between Slovenia and the Euro Area and on the ratio of the price levels of both countries/regions.
In the model version with a fixed exchange rate, the short-term interest rate is therefore entirely determined by the 3-month interest rate in the Euro Area and by the devaluation rate of the Slovene tolar. Thus, from the year in which the tolar exchange rate is fixed (2007) onwards, the short-term interest rate in Slovenia gradually adjusts to that in the Euro Area.