Croatia will adopt the euro from January 1, 2023, becoming the 20th member state of the European Union to use the European currency, informs Agerpres.
The European Central Bank has announced that Croatia, which has been a member state of the EU since July 1, 2013, will continue to use the Croatian kuna until January 2023.
“The prices of goods and services will be displayed in euros and kunas until December 31, 2023,” announced the ECB.
Currently, one euro is quoted at 7.53 Croatian kuna.
Also, the ECB recommends that the exchange rate should appear clearly and visibly when displaying prices, because “this measure is fundamental to protect consumers”.
Kuna notes and coins can be exchanged at no cost until December 31, 2023, up to a maximum of 100 kuna notes and coins per transaction.
“Banks will be able to charge a fee in case of changing a larger number of banknotes and coins”, according to the ECB.
The exchange can be made at post offices, commercial banks and the Financial Agency (Fina).
Starting from January 2024, the National Central Bank of Croatia will offer currency exchange services for kuna banknotes without time limit and coins until December 31, 2025.
Banknotes in kuna will be able to be exchanged, free of charge, at other national central banks in the euro zone, from January 1 to February 28, 2023, at a fixed exchange rate and in a maximum amount of 8,000 kuna/person/day.
The ECB emphasizes that “price increases related to currency exchange are prohibited”.
“If any company violates this provision, consumers can inform the authorities about the unjustified increase in prices, and they can impose a fine, in order to protect consumers”, warns the ECB.