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MNI BRIEF: Croatia Confirmed as Euro's 20th Member State

(MNI) Brussels

Croatia has been formally approved to join the euro area on 1 January 2023, the European Council announced Tuesday and the ECB said a Croatian kuna conversion rate of 7.53450 per euro would apply. This coincides with the level of the current central rate of the kuna in the exchange rate mechanism (ERM II).

The ECB and Hrvatska narodna banka agreed to monitor developments in the Croatian kuna against the euro on the foreign exchange market until 1 January 2023, a statement said.

With the entry into force of the close cooperation framework between the ECB and Hrvatska narodna banka on 1 October 2020, the ECB became responsible for directly supervising eight significant institutions and overseeing 15 less significant institutions in Croatia.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsStoryCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefEuropean Central BankRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsStoryCEEMEAEurozoneEuropean Central Bank (ECB) Market NewsBriefEuropean Central BankRegion
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