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Croatia cenbank may need to sell euros to banks again -governor
October 15, 2015 / 10:00 AM / 2 years ago

Croatia cenbank may need to sell euros to banks again -governor

WARSAW, Oct 15 (Reuters) - The Croatian central bank may need to intervene again next month or in December on the local foreign exchange market to provide euros for the conversion of Swiss franc loans into the single currency, the central bank governor said on Thursday.

“If the provision goes as planned there may be the need for another intervention between mid-November and mid-December,” governor Boris Vujcic told Reuters on the sidelines of a financial conference in Warsaw.

The Croatian centre-left government, which faces a parliamentary election on Nov. 8, last month enforced a law on the conversion of the Swiss franc loans into euros to help borrowers who were hit by the surge of the Swiss franc against the euro.

Last month the Croatian central bank sold 268.3 million euros ($307.07 million) to the local banks to support the national kuna currency which came under pressure when banks needed to buy euros to adjust their foreign currency positions due to the conversion. (Reporting by Francesco Canepa, Writing by Igor Ilic in Zagreb, Editing by Alison Williams)

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