On Tuesday, the European Central Bank (ECB) announced that Croatia will adopt the euro at an exchange rate of 1 euro for 7.53450 Croatian kunas from January 1, 2023.
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"The prices of goods and services will be indicated in euros and kunas until Dec. 31, 2023", ECB warned, recalling that Croatia has been a member of the European Union (EU) since 2013.
The European monetary authorities recommended that the exchange rate appear clearly and visibly on price tags because "this measure is essential for consumer protection."
Both euro banknotes and coins and kuna banknotes and coins will be accepted as a means of payment for a period of two weeks after the introduction of the euro.
Kuna bills and coins can be exchanged free of charge until Dec. 31, 2023, up to a maximum of 100 kuna bills and 100 coins per transaction.
"Banks will be able to charge a commission for exchanging a larger number of banknotes or coins," the ECB said, adding that currency exchange can be done at post offices, commercial banks and the Finance Agency (FINA).
Kuna banknotes can also be exchanged free of charge at other national central banks in the euro area up to Feb. 28, 2023 at the fixed conversion rate and for a maximum amount of 8,000 kuna per person, transaction, and day.
"Price increases linked to currency exchange are prohibited," the ECB said, warning that "if a company violates this prohibition, consumers can report the unjustified price increase to the authorities."