The final exchange rate will be defined in July, and as of September 5th prices in Croatia will be displayed in both Euros and Kunas. Croatia is scheduled to adopt the Euro on January 1st of next year, despite the rampant inflation that has gripped the global economy.
A session of the Council for the Introduction of the Euro was held in Zagreb today. The discussion focused on what still needs to be done before the currency is officially introduced, specifically with regards to the wider economic and financial situation in Europe and the world, including the rampant inflation that Deputy Prime Minister and Finance Minister Zdravko Marić is not specific to Croatia: "We will not prejudge anything, we are in close cooperation and communication with the European Commission and the European Central Bank, and I think that they also fully understand that inflation and inflation acceleration in Croatia in no way deviates from what is happening in other EU member states."
For his part Prime Minister Andrej Plenković once again defended the rationale behind Croatia joining the Eurozone: "Croatia is the most Euro-ized economy of all EU member states that are not part of the Eurozone. This fact is important when we talk about the logic of joining the Eurozone. Euros deposits make up 76 percent of savings and time deposits in banks, 47 percent of Kuna loans have a currency clause are in Euros, 53 percent of the goods we export and 59 percent of the goods we import are transactions with Eurozone countries."
MPs will debate the final draft of the Law on the Introduction of the Euro in Croatian Parliament on Thursday, with a vote scheduled for next Friday.
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