To balance the relationships in the foreign exchange market, but also as a warning that it will not tolerate speculation with the exchange rate, the Croatian National Bank sold 270.6 million euros on the market this morning at an average exchange rate of 7.2267 kuna per euro, it was reported by the central bank. Thus, HNB withdrew slightly more than 1.95 billion kuna by selling euros from the market.
HNB emphasizes that in accordance with known commitments, the Croatian central bank will continue its policy of maintaining the stability of the domestic currency, using all available instruments of monetary and exchange rate policy. At the same time, they note that on October 24, 2008, the net foreign exchange reserves of the central bank amounted to 8,158 million euros, which is 866 million euros more than at the beginning of the year. Otherwise, the kuna weakened against the euro by 0.97 percent last week, and even more significant changes on a weekly basis were recorded against some other major world currencies. Thus, on the exchange rate list established by HNB on Friday, compared to the exchange rate list from the beginning of last week, the kuna weakened against the US dollar by 8.34 percent and against the Swiss franc by 6.70 percent. The average exchange rate of the euro on the HNB exchange rate list from Friday (October 24) was 7.234349 kuna, the dollar 5.760291 kuna, and the Swiss franc 4.990927 kuna. (H)
