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The Law on Introduction of the Euro as the Official Currency sent to Parliament for first reading

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Summary
The Croatia Government sent for the first reading the Law on the Introduction of the Euro as the Official Currency in the Republic of Croatia (hereinafter: „the Law“), which states, among other things, the basic principles of the introduction of the euro, the possibility of exchanging the kuna for the euro and the period of double circulation of both currencies.
Content

The Law stipulates that after the EU Council makes a Decision on the Adoption of the Euro and adopts a Decree determining the fixed exchange rate, the Government will announce the date of introduction of the euro, then a fixed conversion rate and the end of the double circulation of the euro and the kuna, the date of the beginning and end of the dual display of prices and other issues necessary for the introduction of the euro.
The exchange of kuna cash for euro cash will be possible in banks, branches of the Financial Agency and Hrvatska pošta – Croatia post office, within 12 months from the date of the introduction of the euro.
Citizens will be able to exchange 100 kuna banknotes and 100 kuna coins per transaction free of charge. After the period of 12 months, the exchange will be performed only by the Croatian National Bank, free of charge, and the exchange of banknotes without a time limit, and coins until the expiration of three years from the date of introduction of the euro.
The period of dual circulation (transitional period) in which the kuna and the euro will be in circulation at the same time will last 14 days from the date of introduction of the euro. The Law also contains details on exemptions for dual circulation (slot machines, amusement machines, self-service devices, ATMs).

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