The Balkan country Croatia, which became the European Union in 2013 and was included in the Schengen Area from January 1, 2023, changed its official currency from the kuna to the euro.
The Euro started to be used as the official currency in Croatia from January 1, 2023. But how will the process work? What about Kunas? Will there be a cost of living with the move to the Euro?
For the transfer, 1 euro will be calculated as 7.5345 kuna. The accounts of those who have kuna in their bank account and those who have loan debts will be fixed at this exchange rate and will be reflected in their bank accounts.
Again, from January 1, 2023, kunas will begin to be exchanged for euros at bank branches and post offices and will continue for a whole year.
On the other hand, it will be possible to use both euros and kuna for cash transactions for a period of 14 days.
Between September 5, 2022, and December 31, 2023, prices will be required to have both kuna and euro written on the labels. In this way, it aims for the public to adapt to the euro faster.
Why switch to the euro?
Attracting foreign investors to the country and borrowing on more favorable terms is cited as the main reason for moving to the euro. Because there is a big difference between the borrowing terms of the eurozone countries and those of other EU countries.
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