Croatian National Bank

Croatian National Bank
Hrvatska narodna banka

Headquarters	Trg hrvatskih velikana 3 Zagreb
Coordinates	45°48′44″N 15°59′03″E / 45.81222°N 15.98417°E / 45.81222; 15.98417
Established	21 December 1990
Governor	Boris Vujčić, IPA: [bǒris ʋûːjtʃitɕ]
Central bank of	Croatia
Currency	Croatian kuna HRK (ISO 4217)
Reserves	11,420 billion € December 2011
Website	www.hnb.hr

The Croatian National Bank (Croatian: Hrvatska narodna banka or HNB; pronounced [xř̩ʋaːtskaː nǎːrodnaː bâːŋka]) is the central bank of the Republic of Croatia.

HNB was established by the Constitution of Croatia which was passed by the Croatian Parliament on 21 December 1990. Its main responsibilities are maintaining the stability of the national currency, the kuna, and ensuring general financial liquidity within the country. HNB also issues banknotes and holds the national monetary reserves. In performing its duties HNB acts as an independent institution responsible to the Parliament. The bank has a share capital of 2,500,000,000 Croatian kunas (c. US$ 450 million).^[1] HNB acts in accordance with Law on Croatian National Bank.

Foundation

Palace of the Croatian National Bank in Zagreb

On 21 December 1990 the Constitution of Croatia, determined in article 53,^[2] named the Croatian National Bank as Croatia's central bank, and declared its responsibilities: "Croatian National Bank is central bank of Republic of Croatia. Croatian National Bank is responsible, within its rights and duties, for stability of the currency and for liquidity of payments in state and abroad. Croatian National Bank is independent in its activity and responsible to Croatian Sabor. Profits made by Croatian National Bank belong to Croatian state budget. Position of Croatian National Bank is made by law." By amendments of Constitution of Croatia in 1997, Bank's earlier name National Bank of Croatia (Croatian: Narodna banka Hrvatske) was changed to Croatian National Bank (Croatian: Hrvatska narodna banka).

Functions of the Bank

The Bank performs all the functions of a central bank. The most important of these is supposed to be maintaining price stability and supporting the economic policies of the Government of the Republic of Croatia, thus promoting economic growth. HNB is not allowed to grant any loans to the Croatian Government.

Main goals of Croatian National Bank are:^[3]

Identification and implementation of monetary and exchange rate policies
Managing international reserves
Issuance of banknotes and coins
Overseeing the establishment, operation and termination of banks
Regulation, improvement and control of payments
Perform other tasks specified by law

Monetary stability

Stable prices is the main criteria for monetary stability. Stable prices are maintained by making sure price increases meet the Government's inflation target.^[4]

Financial stability

Maintaining financial stability involves protecting against threats to the whole financial system. Threats are detected by the Bank's surveillance and market intelligence functions. The threats are then dealt with through financial and other operations. The Bank works together with other institutions to secure both monetary and financial stability.^[4]

Governors

Ante Čičin-Šain (August 1990 – May 1992)
Pero Jurković (June 1992 – February 1996)
Marko Škreb (March 1996 – July 2000)
Željko Rohatinski (July 2000 – July 2012)
Boris Vujčić (8 July 2012 – present)

References

↑ "O Hrvatskoj narodnoj banci". hnb.hr (in Croatian). Croatian National Bank. Retrieved 1 April 2012.
↑ Sabor Republike Hrvatske. Ustav Republike Hrvatske. Narodne novine. Retrieved 2011-08-29 (Croatian)
↑ Nikolić, Nikša (2006). Osnove monetarne ekonomije. Protuđer. ISBN 978-953-6972-72-2.
1 2 hnb.hr/o-hnb

External links

Official website (Croatian)

Coordinates: 45°48′44″N 15°59′03″E / 45.81222°N 15.98417°E / 45.81222; 15.98417

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