December 14, 2016 / 1:47 PM / 8 months ago

UPDATE 1-Croatia central bank buys 278 mln euros to weaken kuna

(Adds details, rate movement)
    ZAGREB, Dec 14 (Reuters) - Croatia's central bank said on
Wednesday it had bought 278 million euros ($296 million) from
commercial banks in an auction at an average rate of 7.5490 kuna
per euro.
    The kuna was quoted at 7.54/7.55 at 1335 GMT,
easing from around 7.51 where it stood before the intervention.
    "It is true that the kuna is somewhat stronger these days
than usually at this period of the year when normally it reaches
the lowest levels against the euro. So I see this as a central
bank signal that it wouldn't like it to firm any further," a
dealer at a major local bank said.
    In its previous auction to buy euros, held in early
September, the central bank bought 69 million euros. The bank
keeps the kuna in a managed float regime, allowing minor rate
movements.
    This year the kuna has gained 1.54 percent against the euro.
    Most market participants have said they see the kuna as
exposed to moderate depreciation pressures in the coming weeks.
 ($1 = 0.9393 euros)

 (Reporting by Igor Ilic; Editing by Mark Trevelyan)

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