ECB Announces Croatia to Join Euro Area Next Year
The European Central Bank (ECB) announced that Croatia is slated to join the euro area on January 01, 2023. The central bank also announced that the EC Regulation No 2866/98 is being amended to set a Croatian Kuna (HRK) conversion rate of 7.53450 per EUR, which will become effective on January 01, 2023. ECB and Hrvatska narodna banka (the Croatian National Bank) agreed to monitor developments in the HRK against EUR on the foreign-exchange market until January 01, 2023. ECB has been supervising Croatian banks since October 01, 2020, following the cooperation agreement between the ECB and Hrvatska narodna banka. ECB directly supervises eight significant institutions and oversees 15 less significant institutions in Croatia.
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Keywords: Europe, EU, Croatia, Banking, Euro Adoption, Significant Institutions, Less Significant Institutions, Banking Supervision, European Council, Basel, Reporting, ECB
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