30 years of Banka Slovenije
Banka Slovenije was established on 25 June 1991 through the adoption of the Bank of Slovenia Act, and the first governor, France Arhar, was elected on that day. But like the country, the central bank developed gradually from its beginnings in 1991, and therefore Banka Slovenije will be celebrating its 30th anniversary throughout 2021. We will be marking the occasion with numerous events and revisiting memories of our achievements over the past 30 years. You can also find out about the history of the building at Slovenska cesta 35, learn about how Banka Slovenije operates today, and test how well you understand the duties of a central bank.
Address by the Governor
Banka Slovenije and Slovenia are both celebrating their 30th anniversary this year. On the same day that the Republic of Slovenia proclaimed its independence, Banka Slovenije was established as one of its key institutions. Ever since then, our most important duty has been to maintain the stable growth of prices.
Looking back at the last 30 years, we can see that we have materially contributed to the development of the country and have been a part of numerous significant milestones for Slovenia. The end of the previous century was marked by the introduction of Slovenia’s first currency, the tolar, the initiation of reforms to the payment system and the creation of various important connections with international institutions – we became a member of the International Monetary Fund and the World Bank, and formed an association with the Bank for International Settlements.
The end of the nineties saw our country becoming increasingly involved with European integration. When Slovenia joined the European Union in 2004, Banka Slovenije became a member of the European System of Central Banks, and in 2007 it actively participated in the adoption of the common European currency – the euro – and became a part of the Eurosystem. The numerous changes also had a significant effect on Slovenia’s financial system and on its citizens. We have been a part of the Target system since 2007, when we set up the Target2-Slovenija payment system, which allows banks to transfer money between themselves in real time on both the domestic and European markets. We became a part of the Single Euro Payments Area (SEPA), through which we harmonised in-country and cross-border payments in euros. In the following years our duties continued to expand.
Today, Banka Slovenije implements monetary policy, together with the other central banks in the Eurosystem. This allows us to provide stable growth of prices throughout the euro area, which provides a supportive environment for the achieving of the life and business objectives of the approximately 340 million inhabitants of the euro area. We participate in the maintenance of the regulatory framework within which financial institutions operate, and together with the other central banks in the Eurosystem we also conduct supervision of the operations of banks and savings banks. We are also jointly responsible for the maintenance of the stability of the financial system: through macroprudential policy we address the risks that could impair its intermediary function. Through this we ensure its smooth operation, and allow citizens and companies to pursue their life and business objectives.
In our 30 years of operation we have performed our duties successfully and thus contributed to the development and progress of our country. We have also developed an enormous amount of human potential, which is capable of facing the challenges of the future. Our former colleagues who now work at other Slovenian and foreign institutions use their experiences from Banka Slovenije to make the world a better place for all of us.
>We can all be proud of what we have achieved in the past 30 years, and I personally am proud to be a part of the Banka Slovenije family.
Boštjan Vasle, Governor
30th Anniversary Events
Spring 2021
We opened the Banka Slovenije Museum, which presents a part of our efforts towards financial literacy, and is designed so that all generations can learn about the work of Banka Slovenije and its place in the Eurosystem. Visitors can browse instructive games, interactive material and traditional museum displays to gain insight into the operations of a central bank and how they affect the public and the country as a whole.
Autumn 2021
7 October 2021
Main celebration of Banka Slovenije’s 30th anniversary at Cankarjev dom
Banka Slovenije issued gold and silver medallions to mark the 30th anniversary of its establishment. The design of the medallions uses points as the central artistic element to depict the co-dependence of the country and central bank.
Banka Slovenije Open House Day
Spring 2022
International conference: "30 years of Independence of Banka Slovenije: The journey so far and the current challenges”.
Accompanying events
Competition for children in kindergartens and primary schools on the topic Banka Slovenije mascot.
Video competition for secondary school and college students on the topic Money in the future.
More about Banka Slovenije
Banka Slovenije is the central bank of the Republic of Slovenia, which fulfils its mandate independently and as a member of the European System of Central Banks. Its area of operation is divided into four main pillars: monetary policy, macroprudential policy, supervision of the operations of banks and savings banks, and recovery and resolution of banks in difficulty. Learn how we carry out these basic activities and about the other tasks that we perform in a brochure called Presentation of Banka Slovenije and an animation about Banka Slovenije operations.
Quiz on Banka Slovenije’s operations
How well do you understand our operations? We have prepared a short online quiz (available only in Slovene) in which you can test your knowledge of Banka Slovenije’s area of operations.
The Story of Money
Money is a general means of payment that we use to pay for products and services. One of Banka Slovenije’s duties is managing the amount of money in circulation. We are also preparing a publication called The Story of Money, in which you can read about how central banks manage national currencies and how they manage the money supply.
History
Both Banka Slovenije and the building in which its facilities are located have rich histories. The building that houses the present central bank was built at the beginning of the 20th century, although the area had been built up for much longer. The first sources that mention the architectural heritage here date back to the 17th century. The details of the building’s history are presented in a short film. The timeline shows the major events that have occurred in the last 30 years in Banka Slovenije’s area of operations. Do you remember passbooks and cheques?
30 years of Banka Slovenije through the eyes of the governors
France Arhar
Mitja Gaspari
Marko Kranjec
Boštjan Jazbec
Boštjan Vasle
1991
Following the establishment of Banka Slovenije, France Arhar becomes its first governor. Pictured with the other ten members of the Banka Slovenije Governing Board.
25 June 1991
The Slovenian parliament passes the law to implement the Fundamental Constitutional Charter on the Sovereignty and Independence of the Republic of Slovenia, and the Declaration of Independence.
Parliament passes the Bank of Slovenia Act, thus establishing Banka Slovenije.
France Arhar becomes its first governor.
8 October 1991
The tolar officially becomes Slovenia’s currency. There are 100 stotins to the tolar.
Banka Slovenije issues and circulates payment notes as temporary currency, at an exchange rate of one tolar to the dinar, and sets the first exchange rate against the German mark (one mark = 32 tolars). A floating exchange rate mechanism is gradually put in place by the end of the year.
23 December 1991
Banka Slovenije issues the first commemorative coins for 500 and 5,000 tolars to mark the first anniversary of Slovenia’s independence referendum.
1992
30 September 1992
Banka Slovenije issues and circulates the first Slovenian currency, in the form of tolar banknotes.
1993
15 January 1993
Slovenia joins the IMF.
25 February 1993
Slovenia joins the World Bank.
14 May 1993
Slovenia joins the Council of Europe.
1994
Banks begin to offer various services via at that time still stationary telephones. Customers could order the payment of payment orders and bills over the phone.
Banka Slovenije launches the project of reforming the payment system. The Social Accounting Service is abolished, and replaced by the Agency for Payment Transactions, Supervision and Information.
Banka Slovenije opens a current account and places deposits with the Bank for International Settlements.
1995
15 March 1995
Banka Slovenije issues and circulates the first 10,000-tolar banknotes.
30. julij 1995
Slovenia joins the World Trade Organisation.
1 September 1995
Slovenia moves the tolar to full convertibility according to the IMF criteria.
1996
2 Avgust 1996
Banka Slovenije is part of the first group of 18 central banks to accede to the IMF’s special data dissemination standard (SSDS).
1997
Debit cards are introduced in Slovenia, and our formerly beloved cheques become increasingly less popular.
As part of the payment systems reforms, the reserve requirement accounts of banks, savings banks, and credit unions are transferred from the Payments Agency to Banka Slovenije.
12 December 1997
Bankart, a firm for processing advanced payment instruments, is established by 22 Slovenian banks.
1998
As part of the payment systems reforms, two payment systems are set up: one for real-time gross settlement, and one for giro clearing. The two systems provide the basis for migrating corporate accounts to commercial banks and savings banks.
2000
11 September 2000
As part of the payment systems reforms, the migration of corporate giro accounts from the Payments Agency to commercial banks and savings banks begins.
2001
1 April 2001
Mitja Gaspari becomes governor.
Monetary gold is added to Banka Slovenije’s reserves.
8 October 2001
Banka Slovenije issues gold and silver medallions to mark the tenth anniversary of the tolar..
2002
30 June 2002
The payment systems reforms are completed. Corporate giro accounts are transferred from the Payments Agency to commercial banks, and the agency is abolished.
Banka Slovenije is granted the general power to oversee the legality and proper functioning of payment systems in the country.
Banka Slovenije opens the government’s single treasury account and 192 standard municipal treasury accounts.
The transformation of personal accounts into general current accounts begins.
19 July 2002
A new Bank of Slovenia Act compatible with European legislation and the requirements of the ECB enters into force.
2003
Our passbooks become a thing of the past, and instead we now have current accounts and bank cards.
30 June 2003
The transformation of personal accounts into general current accounts is completed.
7 July 2003
Banka Slovenije issues and circulates the first 20- and 50-tolar coins.
2004
1 May 2004
Slovenia joins the EU, and Banka Slovenije becomes a member of the European System of Central Banks, which consists of the ECB and the national central banks of all EU Member States.
28 June 2004
Slovenia joins the ERM II, one of the conditions for introducing the euro. A central exchange rate of 239.64 tolars to the euro was set.
8 November 2004
Banka Slovenije joins the STEP2 payment system for cross-border credit transfers in euros, allowing banks and savings banks to participate in the payment system indirectly.
2005
21 November 2005
The designs for Slovenia’s euro coins are presented to the public.
2006
16 May 2006
The ECB and the European Commission confirm that Slovenia will be the first of the new EU Member States to meet all the conditions for joining the euro. A date of 1 January 2007 is set.
Banka Slovenije’s governance is brought into line with the ECB’s statute. The Governing Board now comprises the governor and four vice-governors.
11 July 2006
Dual display of prices begins.
1 September 2006
Banks begin delivering euro coins to retailers, followed later by euro banknotes.
26 October 2006
Slovenia passes a law for the introduction of the euro.
2007
Slovenia adopts the euro as its own currency. The first person to exchange Slovenian tolars for euros at the Banka Slovenije counter is then Governor Mitja Gaspari.
1 January 2007
Slovenia joins the euro, at an exchange rate of 239.64 tolars to one euro. Banka Slovenije thus becomes part of the Eurosystem, which assumes responsibility for monetary policy.
Banka Slovenije also participates in the management of the Eurosystem’s foreign reserves and monetary gold.
A collection of 2007 euro coins with a Slovenian national side is issued by Banka Slovenije.
14 Januar 2007
The dual circulation period, when payments are accepted in tolars and euros, comes to an end. Banka Slovenije withdraws tolar banknotes and coins from circulation.
16 July 2007
Marko Kranjec becomes governor.
19 November 2007
Banka Slovenije sets up the Target2-Slovenija payment system as part of the European Target2 system, which allows banks to transfer money between themselves in real time on the domestic market and the European market.
2008
The Single Euro Payments Area (SEPA) project begins. It aims to equalise domestic and cross-border payments within the euro area.
2011
Banka Slovenije joins the European Central Bank project Generation €uro, in which secondary school students from the euro area compete every year in knowledge of the economy and monetary policy.
The universal payment order (UPN) is introduced as part of the SEPA project, replacing three different forms and unifying domestic and cross-border payments in euros.
27 June 2011
Banka Slovenije issues gold and silver medallions to mark its 20th anniversary.
2012
The Governing Council of the ECB meets in Slovenia for the first time. The meeting is held in Brdo.
4 October 2012
The Governing Council of the ECB meets in Slovenia for the first time.
2013
The Banka Slovenije Library is established in 1964. It is a special library in the area of finance and economics. It has been a full member of Cobiss since 1994. It has been in its new location since 2016, when it was renovated as part of the renovations of the Banka Slovenije lobby.
2 May 2013
The ECB issues the first new banknote (5-euro) in the Europa series; 10-, 20- and 50-euro banknotes follow over the next four years.
17 July 2013
Boštjan Jazbec is made the new governor.
Comprehensive assessment of the banking system conducted and measures adopted for its stabilisation.
2014
The SEPA is finally established. Consumers, firms, public sector entities and other payment service users can now make payments in euros under the same basic terms, with the same rights and obligations and the same business practices as payment services executed domestically.
2017
President of the European Central Bank Mario Draghi visits us on the tenth anniversary of Slovenia’s adoption of the euro.
3 January 2017
Exchange of tolar coins comes to an end. There is no limit on the exchange of tolar banknotes.
2018
30 November 2018
The new pan-European solution for instant payments launches: the TARGET Instant Payment Settlement or TIPS.
2019
9 January 2019
Boštjan Vasle becomes governor.
26 January 2019
The 500-euro banknote is discontinued.
28 May 2019
The final banknotes in the Europa series (100- and 200-euro notes) enter circulation.
2020
Banks in Slovenia launch instant payment services and the FLIK mobile app.
The Governing Council of the European Central Bank introduced a special programme of buying securities in an amount of up to EUR 1,850 billion to assist the population, companies and governments during the period of the coronavirus crisis.
2021
President of Slovenia Borut Pahor and the Governor of Banka Slovenije
18 May 2021
Opening of the Banka Slovenije museum.
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