EC: Croatia’s euro changeover ‘progressing well’

Almost one week after Croatia’s entry into the euro zone, a survey by the European Commission (EC) has found that the country’s euro changeover has progressed well in its initial phase, the EC said on January 6.

The changeover took place on January 1 2023, marking an important milestone for Croatia, the euro area, and the entire EU, the EC said.

A large share (51 per cent) of cash payments in shops were already made in euro only on  January 5.

A large majority of transactions (93 per cent) resulted in consumers receiving their change in euro only.

Thirty-five per cent of Croatian citizens polled said they already carry only euro banknotes, with 36 per cent saying they only carry euro coins, the EC said.

The withdrawal of kuna banknotes and coins from circulation began in December 2022. By the end of December, 55 per cent of kuna banknotes and one third of kuna coins had already been withdrawn.

“Croatia’s retail sector has been coping well with the changeover process and parallel handling of two currencies,” the EC said.

“No major problems regarding queues or problems at the tills have been reported.”

The conversion of ATMs (cash dispensers) has also proceeded smoothly, with 70 per cent of all ATMs already distributing euro banknotes as from the first hour of January 1 2023, the statement said.

The number and volume of withdrawals have remained at comparable levels to before the euro changeover.

To protect consumers and address concerns about abusive price increases in the changeover period, the Croatian authorities are taking active measures in line with the rules on introducing the euro (“Euro Law”).

The dual display of prices in kuna and euro became compulsory on September 5 2022 and will apply until December 31 2023.

A Business Code of Ethics has been introduced to ensure stability of prices for goods and services by helping businesses to correctly recalculate and display prices, without unjustified increases, the EC said.

A national inspection body is tasked to monitor and control prices and can take appropriate measures in case of infringements.

“The Commission will continue to monitor Croatia’s euro changeover,” the EC said.

“It will also continue to measure Croatian citizens’ experience with the changeover through a number of further surveys in the coming weeks,” it said.

(Photo:, via Wikimedia Commons)

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