Stores and banks will receive euros up to four months in advance, but no euro cents may enter the system before January 1, 2023.
Pre-supply of euro in Croatia
Public
Croatia
Author: Kristina Dosen
Category:
Fiscal subject related
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269
Content accuracy validation date:
04.08.2022
Content accuracy validation time:
08:39h
Content
Business entities will have to stock up on euro banknotes and coins in time in order to be able to perform cash transactions in the new currency from the day of the introduction of the euro, is just one of the provisions of the Law on the Introduction of the Euro, but also an important recommendation by the Ministry of Economy, which gives instructions to companies on all the necessary actions that are ahead during the preparations for the introduction of the euro, as well as those after January 1, 2023.
The supply of euros is particularly important for the retail sector, which carries out a large volume of cash transactions. The pressure will be particularly significant in the first two weeks after the introduction of the euro (14 days of dual circulation) because during that period consumers will be able to pay in euros and kuna, while retailers will be obliged to return the euro whenever possible. This especially applies to retailers and service providers in rural and sparsely populated areas, whose access to banks is limited, but also to those who are not objectively able to return the rest of the amount in euros.
During those 14 days of dual circulation, at the time of collection, the payee will be obliged to accept a maximum of 50 pieces of kuna coins in one transaction and the corresponding number of kuna banknotes, applying the regulations on the prevention of money laundering and the financing of terrorism, which refer to the limitation of collection or payment in cash, more precisely up to HRK 75,000.
During the period of dual circulation, merchants and service providers will deposit receipts in both kuna and euro, and banks, FINA and Croatian Post will record them as euro on their business accounts.
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