Thursday, 08 June 2023
Croatia's Love Affair with the Kuna: Billions Still in Circulation Despite Euro Adoption Canva

Croatia's Love Affair with the Kuna: Billions Still in Circulation Despite Euro Adoption

Written by  May 12, 2023

The Euro was adopted Croatia over four months ago, but many Croatians, it seems, are still reluctant to part with their remaining Kunas. According to the Croatian National Bank data from May 9, 2023, there is still as much as 5.8 billion Kunas in circulation, equivalent to 768 million Euros, as reported by Večernji list on Friday.

As for Kuna coins, the Croatian National Bank stated to Večernji list that a total of 688.7 million Kuna coins have been withdrawn as of May 10, 2023, weighing a total of 4062 tons.

So, how many Kuna banknotes are still in circulation? When it comes to banknotes, prior to the Kuna to Euro conversion, the Croatian National Bank estimated that there were over 500 million banknote pieces (around 320 million in circulation, the rest from logistical and strategic reserves) that, when stacked, would form a 50-kilometre tower, nearly six times the height of Mount Everest.

Considering the significant value of the unretrieved banknotes, it is evident that both domestic and foreign citizens still hold tens of millions of Kuna banknotes at home. They can be exchanged everywhere until the end of this year, at all banks, Croatian Post, and the Financial Agency (Fina), and from next year, indefinitely at the Croatian National Bank counters.

Kuna banknotes, which are significantly more valuable than coins, are progressively being destroyed alongside their withdrawal from circulation in currency processing systems that have the capability of destruction and count each cut piece. They are deposited in a dedicated space in the Croatian National Bank vaults and then proceed for shredding, as reported by Večernji list.


The Voice of Dubrovnik


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