HNB Has Intervened Three Times Against Depreciation Pressure

ZAGREB, March 13, 2020 – The Croatian National Bank (HNB) on Friday intervened on the foreign exchange market for the third time this week, selling €479.55 million to commercial banks.

HNB sold €479.55 million at a middle exchange rate of HRK 7.564914, withdrawing an additional HRK 3.63 billion from the financial system.

This is the third time in a week and this year the central bank has intervened with more than €1.2 billion being sold to banks withdrawing about HRK 9.1 billion from the financial system.

HNB on Monday sold €387 million at a rate of 7.512738 for HRK 2.9 billion. On Thursday it sold an additional €347.8 million at a rate of HRK 7.554019 withdrawing HRK 2.63 billion from the system.

Despite the three interventions the kuna continued to depreciate against the euro with the exchange rate decreasing by 0.16% against the euro currency since Wednesday.

The middle exchange rate to be applied as of Saturday will be €1 = HRK 7.569972, which is its highest level of the euro on the Croatian market since November 2017.

More economy news can be found in the Business section.

 

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