Good Planning Leads to a Smooth Transition for Croatia

Croatia joined the Eurozone on 1 January 2023, bringing the number of European Union (EU) member states using the single European currency to 20.

The European Commission (EC) is monitoring the change. A survey a week into the new year found 51% of cash payments in shops were made in euros on 5 January and 93% of change handed out was in euros.

According to the Croatian National Bank (CNB), meanwhile, the main part of the euro changeover process ended smoothly, in line with the plan and without major difficulties. By 19 January, some 443 million kuna coins (40% of the estimated quantity) had been returned, plus 326 million kuna banknotes (65% of the estimated total).

The smooth changeover has been helped by the issue of euro coins and banknotes starting in December 2022. During the so-called frontloading period, banks were supplied with a total of €1.3 billion, which includes the value of euro coin starter kits. This equated to 627 million coins and 346 million banknotes, issued not just for the purpose of frontloading, but also for supply in 2023. By the end of the month, a third of coins and 55% of kuna notes had already been exchanged for euros.