New Intervention on Exchange Market by Central Bank

ZAGREB, March 31, 2020 – The Croatian National Bank (HNB) once again intervened on the foreign exchange market on Tuesday with the aim of maintaining exchange rate stability by selling banks just over €618 million, whereby HRK 4.7 billion was withdrawn from the system.

The HNB sold €618.5 million at the middle exchange rate of HRK 7.608529.

This is the fifth intervention and so far, the largest by the central bank in an effort to maintain exchange rate stability and ease the pressure of the depreciation of the domestic currency, the kuna.

HNB first intervened on the exchange market on March 9 followed by further interventions during the month, selling a total amount of €1.63 billion to commercial banks. With today’s intervention that amount has been increased to almost €2.25 billion.

Today, on the last day of March, the €/HRK middle exchange rate was 7.609231, which is just over 2% more than it was at the start of March when it was 7.456909.

More news about banks can be found in the Business section.

 

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