New intervention on exchange market by central bank

Autor:

01.04.2020.

Zagreb, 230518. Trg hrvatskih velikana.
HNB.
Okrugli stol na temu monetarna kretanja, inozemna ulaganja i konkurentnost Hrvatske kojega organiziraju Hrvatska narodna banka HNB i Hrvatska gospodarska komora HGK.
Na fotografiji: Boris Vujcic.
Foto: Goran Mehkek / CROPIX
Goran Mehkek / CROPIX

Governor of the Croatian National Bank Boris Vujcic

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the aim of maintaining exchange rate stability by selling banks just over €618 million, whereby HRK 4.7 billion was withdrawn from the system.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.