ZAGREB, May 16, 2018 - Croatia's gross international reserves reached 16.5 billion euro in March 2018, their record level in nominal terms, Raiffeisenbank Austria (RBA) said in a report on Wednesday.
According to data from the Croatian National Bank (HNB), gross international reserves totalled 16.5 billion euro at the end of March 2018, increasing by 2.5% from March 2017 and by 2.6% from February 2018. The increase is partly due to the HNB's intervention in the foreign exchange market in January, when it purchased 405.5 million euro from commercial banks, and to a higher level of repo transactions agreed, RBA said.
"The value of international reserves is sufficient to cover over eight months' worth of goods and services and it fully covers the current obligations towards foreign creditors which mature by the end of this year in the amount of 7.8 billion euro. The current amount of international reserves is sufficient to successfully implement the monetary policy and finance any imbalances in the balance of payments," RBA said, citing the central bank's commitment to preserving the stability of the domestic currency, the kuna.
