Status

Croatia is not yet a member of the euro area. The kuna is, however, part of the exchange rate mechanism (ERM II) since 10 July 2020.

Adoption of the euro

Croatia participates in the ERM II since 10 July 2020. It must participate in the mechanism without severe tensions and without devaluing its central rate against the euro for at least two years before it can qualify to adopt the euro. Being part of the Exchange Rate Mechanism is intended to help non euro-area countries prepare themselves for becoming part of the euro area. It is an important milestone towards adopting the euro.

Central exchange rate

The Croatian kuna joined ERM II on 10 July 2020 and observes a central rate of 7.53450 to the euro with a standard fluctuation band of ±15%.

Institutions