September the 14th, 2022 - Croatian banks have sent out some important information to their customers and clients regarding Croatia's rapidly approaching accession to the Eurozone, which is set to take place on the very first day of 2023.
As Poslovni Dnevnik writes, PBZ sent its clients and customers a notice related to Croatia's upcoming introduction of the euro, in which they specify the essential elements for conversion that will be applied in the conversion of the Croatian kuna to the new single currency of the Eurozone.
"On the day of the introduction of the euro in Croatia, the bank will automatically and without charge carry out the conversion of funds held in Croatian kuna in bank accounts, deposits, loans and other financial statements of value at a fixed conversion rate of one euro = 7.53450 kuna,'' the bank stated.
''The conversion will be carried out by applying the rules for conversion and rounding in accordance with the Law on the Introduction of the Euro as the Official Currency in the Republic of Croatia. In addition to that, according to the principle of continuity of contracts and other legal instruments, the introduction of the euro will not affect the validity of existing contracts on loans, deposits and savings in kuna, etc., meaning that no new contracts need to be concluded. The goal is to carry out the process of introducing the euro and the activities resulting from it in such a way as to ensure the simplest possible treatment for everyone,'' it added.
The period of the obligation to display prices twice (in both Croatian kuna and euros) to consumers began on September the 5th, 2022 and ends twelve months after the introduction of the euro in Croatia.
Of the other Croatian banks which have sent out information on Croatian Eurozone accession to their clients, Zagrebacka banka made similar statements: "On the day of the introduction of the euro as the official currency of Croatia, monetary values expressed in kuna on custodial and brokerage accounts will be converted into euros by applying the rules for conversion and rounding defined by the Law."
Erste Bank also informed its customers about the currency change, according to a report from N1.
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