Republic of Croatia: Staff Report for the 2019 Article IV Consultation—Informational Annex

2019 Article IV Consultation-Press Release and Staff Report


2019 Article IV Consultation-Press Release and Staff Report

Fund Relations

(As of December 31, 2019)

Membership Status: Joined: December 14, 1992; Article VIII

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Outstanding Purchases and Loans: None

Latest Financial Arrangements:

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Projected Payments to Fund1 (SDR Million; based on existing use of resources and present holdings of SDRs):

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Exchange Rate Arrangement:

In December 1991, Croatia adopted the Croatian dinar as its sole legal tender. The Croatian dinar was replaced by the Croatian kuna on May 30, 1994. The exchange rate of the kuna is determined by supply and demand in the interbank market, with tight management of the kuna-euro exchange rate by the Croatian National Bank (CNB). The de jure exchange rate arrangement is a managed float without a predetermined path. Since April 2016, the kuna has stabilized within a 2 percent band against the euro. Accordingly, the de facto exchange rate arrangement is classified as a stabilized arrangement. The CNB transacts only in euros, U.S. dollars, and SDRs. On November 30, 2019, the official exchange rate was kuna 7.4 per euro (middle rate).

Exchange System:

Croatia has accepted the obligations of Article VIII, Section 2–4 and maintains an exchange system that is free of multiple currency practices and restrictions on payments and transfers for current international transactions, except for restrictions that Croatia maintains solely for the preservation of national or international security that have been notified to the Fund pursuant to Executive Board Decision 144 (52/51). There are no capital account restrictions.

Anti-Money laundering and Financing of Terrorism:

In October 2017, a new Law on Prevention of Money Laundering and Terrorism Financing was adopted to transpose the 4th AML EU Directive (2015/849) and FATF (2012) recommendations.

Article IV Consultation:

The previous Article IV consultation with Croatia was concluded on February 8, 2019 (IMF Country Report No. 19/46: Croatia is on the 12-month consultation cycle.


An FSAP Update mission took place in October–November 2007. The FSSA Update was published (IMF Country Report No. 160:

The original FSAP was concluded with the completion of the 2002 Article IV consultation on August 5, 2002 on the basis of missions that took place in April 2001 and September 2001. The FSSA was published (IMF Country Report No. 02/180:

Technical Assistance 2000–13:2

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World Bank Relations

As of December 2019, Croatia has been collaborating with the World Bank Group.

Further information can be obtained from the following hyperlink.

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Statistical Issues

Croatia—Statistical Issues

(As of January 2020)

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Croatia: Table of Common Indicators Required for Surveillance

(As of December 31, 2019)

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Reserve assets that are pledged of otherwise encumbered are specified separately. Data comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).


When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.


Technical assistance during 1992–99 is listed in Annex I of IMF Country Report No. 03/27.