Sun. Jun 16th, 2024

Brussels approves Croatia’s bid to become the 20th member of the single currency bloc

The Council of the European Union has approved Croatia’s bid to adopt the euro from January 1, 2023. The Balkan country cleared a final hurdle before becoming the 20th member of the Eurozone.

“One of the three legal acts sets the conversion rate between the euro and the Croatian kuna at 7.53450 kuna per 1 euro. This corresponds to the current central rate of the kuna in the exchange rate mechanism,” the EU Council said in a press release.

The step marks the first expansion of the currency bloc in almost a decade. The last EU nation to join the Eurozone was Lithuania in 2015.

“Our citizens and entrepreneurs will have concrete, direct and lasting benefits from Croatia’s entry into the euro area. To the greatest extent, the currency risk will disappear, Croatia will be more attractive and safer for investment in times of crisis,” said Boris Vujcic, Governor of the Croatian National Bank in a statement.

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