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Croatia adopts plan for replacing kuna by euro to protect consumer rights

Author Iskra Pavlova
Croatia adopts plan for replacing kuna by euro to protect consumer rights Photo: Croatian central bank

ZAGREB (Croatia), December 23 (SeeNews) - Croatia's government said on Wednesday it adopted a plan for replacing the kuna currency by the euro that aims to protect consumer rights once the country joins the eurozone.

The document describes all important activities that the participants in the euro adoption process from the private and public sector will implement in the coming period, prime minister Andrej Plenkovic said in a press release.

It also describes the adjustments to national legislation necessary for completing the process, and the measures that need to be taken in order to protect the citizens from an unjustified price increases and incorrect price calculations following the switch to the euro.

In July, the European Central Bank accepted Croatia to the Exchange Rate Mechanism (ERM II), the mandatory training grounds for the euro adoption. At joining ERM II, the central exchange rate was set at 7.53450 kuna per euro, with a standard fluctuation band of plus or minus 15%.

Plenkovic said last month that Croatia aims to have everything ready for adopting the euro on January 1, 2023. This includes meeting the Maastricht convergence criteria, and implementing reforms in the area of preventing money laundering, improving the business climate and the management of the public sector and the judiciary.