Government sends bill on euro to Sabor for second reading

The government on Wednesday sent a final bill on introducing the euro as the official currency in Croatia to the Sabor for second reading.

The fundamental principles of introducing the euro currency are consumer protection, banning unjustified price hikes, continuity of legal instruments, efficiency as well as transparency and information, Finance Minister Zdravko Marić said.

The key directives of the bill include the obligation to display dual prices as one of the key measures to protect consumers from price hikes when the euro is introduced.

During the period for mandatory dual prices, which should begin on 5 September 2022 and last for 12 months from the day the euro is introduced, business subjects will be obliged to display the kuna and euro price as well as the exchange rate.

Certain exceptions are foreseen when dual prices can't be displayed for practical reasons and could mean disproportionate costs for business subjects.

The rules to exchange cash have been determined and that will be possible in banks, the Financial Agency and post offices for a period of 12 months after the euro is introduced. Exchanging cash will be exempt from any fees.

After those 12 months, exchanges will be conducted in the Croatian National Bank without any fee for an unlimited period for notes and for a period of three years for coins.

From the date the euro is introduced, both currencies will be in use for a period of 14 days.

The law will enter into force one day after the Council of the EU publishes its decision for the introduction of the euro in Croatia, which is expected at the start of July.

Text: Hina

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