Croatian kuna

1 EUR = 7.639 HRK 1 HRK = 0.131 EUR

1 CHF = 6.243 HRK 1 HRK = 0.16 CHF

The Kuna ( Croatian kuna ' marten " ) is the Croatian currency unit. A Kuna = 100 Lipa (Croatian lipa "Linde" ). The international currency code is HRK, but in Croatia the abbreviation kn is most often used.

The name comes from the medieval use of marten skins for trade as well as the payment of taxes in the provinces Croatian Slavonia and the littoral (today Kvarner and Istria). The Croatian Kuna was first mentioned in 1018 on the island of Cres in the small town of Cres as payment of the Croats. A small monument in the form of a marten or weasel bears witness to this.

The Kuna is convertible and is regarded as a stable currency.

History of the Kuna

The nations that were migrated to or had lived on the territory of Croatia, left their mark in many segments of life, including the coinage. According to the sources available, the Croats their own coins in the late 12th century began on the territory of Croatia to mint. Before this time they had made ​​replicas of Byzantine coins. The money of the White Croats, a tribe who lived in the Middle Ages in Central Europe, is probably the oldest Croatian money. The Croatian rulers minted their coins Slavnikovci in the 10th century. The relationship between the White Croats and the South Slavic Croats, however, is not yet filled to capacity.

1102 Croatia was an alliance with Hungary. Within this political relations was the Hungarian rulers of the common king for Croatia and Hungary. However, Croatia had a degree of independence, so that its rulers were allowed to mint their own coins, which were valid on the entire Croatian territory. A representative example of Croatian money are the Banovci (singular Banovac ), minted by the Croatian viceroy in the period from 1235 to 1384. These coins are valued for their composition and quality. They were minted of fine silver in the mints in Zagreb. Marten pictures were on the then Banovci silver coins. Slavonia still leads the marten in the arms (see coat of arms of Croatia ).

In the period of more than five centuries (1294-1803) Republic of coins were minted in Dubrovnik, who had a great appeal among collectors both in Croatia and abroad. Other Croatian coastal towns, such as Zadar, Sibenik, Trogir, Split and Hvar, even minted their own coins. In the early 14th century, the Croatian princes Pavao and Mladen Šubić also coined its own money. In the first half of the 16th century Nikola Zrinski coined the Third coins that are collectors as the most beautiful Croatian coins. Especially appreciated are the big dime and Talir (see Credits ).

The first Croatian paper money came from the town of Pag from the year 1778. Prior to the introduction of the town of Pag paid their officers, employees and physicians in salt. As the paper money was introduced, the salt amount in Lira was converted and issued a receipt for that amount.

The coins and banknotes that were issued during the reign of the Croatian Josip Jelacic princes, are also considered as the original Croatian currency. Josip Jelacic was appointed in 1848 to the Ban. These were financially unstable times and the change for the daily payment traffic was scarce. The Council of Ban coined in Zagreb its own coins - from the Križar copper and silver the forint. Communities, businesses and trading houses support the output of paper banknotes by their own warranties.

In the Kingdom of Serbs, Croats and Slovenes ( announced in December 1918) the currency was issued by the National Bank. The units were called dinar and para. With the National Bank of the Kingdom of Yugoslavia, an agreement was reached on the issue of independence of the currency ( Kuna or Banovac between the names were considered ), which should come into the parallel circulation with the Yugoslav dinar. But these plans were never realized due to the outbreak of the Second World War.

The cash in the Independent State of Croatia (1941-1945) was the kuna, which was divided into 100 Banica. The coins were never circulated. After the Second World War Croatia had no own currency because it was part of Yugoslavia.

On 30 May 1994, the Kuna replaced the transitional Croatian Dinar currency, which was introduced following independence, the Croatia declared against Yugoslavia on 23 December 1991. It was due to the occupation of large parts of Croatia could be another four years until this cash throughout the national territory of Croatia used by Serbian troops. The time of irregulars specially proclaimed and never internationally recognized " Republic of Serbian Krajina " ( Republika Srpska Krajina serb. ) used its own currency, the dinar of the Republic of Serbian Krajina ( Serbian: Dinar Republike Srpska Krajine ).

The Kuna in the presence

Since the beginning of Croatia's bid for membership in the European Union are settlements with major businesses, such as credit contracts, often on a euro basis instead. In addition, one encounters frequently in daily life price deals in the currency unit Euro. Paid and settled, however, under the law always in Kuna. Decisive here is the valid exchange rate.

Monetary policy

One of the tasks of the Croatian National Bank ( HNB ) is the formulation and implementation of monetary and exchange rate policy. For the purpose of achieving the formulated monetary and exchange rate policy, the HNB can take measures to regulate lending activities and liquidity of banks, to regulate money supply and regulate the interest rate and currency exchange rates of the domestic currency.

The HNB is authorized to regulate the subordinate legislation and other decrees for foreign exchange transactions by legal and natural persons and conduct foreign exchange operations in the Republic of Croatia. The Croatian National Bank is also empowered to take action to set the value of the kuna against other currencies.

The Croatian National Bank may own securities in domestic or foreign currency issue, explain the agreement on the purchase, sale or exchange of securities, and decide on other marketable financial instruments and rights and obligations that are associated with them. The Croatian National Bank may borrow on solvent banks, which have their seat in the Republic of Croatia, grant for a maximum period of six months. To ensure it can recover the loan again, use financial instruments for the purposes of the law of HNB. Bonds that were issued by the Croatian National Bank or the Republic of Croatia and shall be payable in the Republic of Croatia, are part of a public bond that is established by the HNB - law.

The interest rates on deposits and loans at the Croatian National Bank have been determined in a separate decision of the Croatian National Bank. The Croatian National Bank is obliged to allow the banks to set aside the reserve. The reserve is defined as a percentage in relation to the type, duration, size and the increase in deposits and other liabilities. The HNB may decide to reward banks for their replacement of the reserve. The amount of paid compensation is determined by the HNB.

Course development

The rate of the Croatian kuna is defined in contrast to other currencies, not formed by the international financial market, but by the Croatian National Bank. Since the Kuna is very closely based on the exchange rate of the euro, the currency can be described as extremely stable.

The National Bank has been accused of domestic and international monetary experts to artificially keep the kuna exchange rate high and thus harming the economic development of Croatia. It was accomplished, however, that the rate of inflation, in contrast to previous years, could be kept low.

The Kuna is exchangeable anywhere since 1993 ( international convertibility ). The external stability of the currency was facilitated by the fact that Croatian citizens and businesses were accustomed to keep their money in foreign currency, and thus were substantial foreign exchange reserves.

Since 1994 there are coins of 1, 2, 5, 10, 20 and 50 lipa and 1, 2 and 5 kuna. They are issued in two versions: one with the name of the depicted plant or the animal in the Croatian language in odd-numbered years and a second version with the Latin name in even years. The two coins with the lowest value, 1 Lipa and 2 Lipe, are usually not in regular circulation.

All coins are made of different metals and alloys, differ in weight, diameter and thickness of the plates ( blanks ), the edge of the coins in Lipa coins is sanded smooth and at Kuna coins. On the back of all denominations of Lipa and Kuna coins, the semicircular legend Republika Hrvatska can be seen in the upper half and is located in the center of the coat of arms.

Bills

Historical notes of the Independent State of Croatia (1941-1945)

Current Banknotes of the Republic of Croatia

Notes are 10, 20, 50, 100, 200, 500 and 1000 kuna; to 2008 there was also a 5 - kuna banknote, but this was taken out of the payment, because the printing of bank notes is no longer profitable. But you can still be exchanged at branches of the Croatian National Bank.

The Croatian banknotes were printed in Germany and Austria by the company Giesecke & Devrient or OeBS. They are similar in their layout, the DM notes of the last series.

Nature

The banknotes are printed on multicolored paper made from 100 % cotton fibers. It is very resistant to moisture, non-fluorescent and resistant to bacteria and fungi. In the paper the notes invisible fluorescent fibers are included, the blue under ultraviolet light, yellow and violet light.

Every denomination of kuna banknotes has a characteristically positioned watermark, which is colorless installed. This watermark is identical to the portrait on the front of the banknote.

A metal security thread which is incorporated into the paper can be seen in a certain number of small windows on the surface of the front side of the banknote. Under ultraviolet light, the fluorescence is visible on the metal security strips.

The numerical value of the banknote is printed in negative on the metal security strips in an unbroken series. So you can alternately recognize the portrait or the central part of the bill. In addition to the numerical value of the letters HK are printed. This is both the symbol of the country as well as the name of the currency unit.

All kuna banknotes are printed on both sides with simultaneous lithography and on the front with intaglio, which has a dazzling effect. On the front and back of all denominations two colors fluoresce under ultraviolet light.

All kuna banknotes are printed in the central part on the front with a square with the coat of arms of the Republic of Croatia. In addition to the right corner is in 16 lines the national anthem Lijepa naša (Our beautiful country ), imaged by Antun Mihanović, in micro intaglio printing. A square is printed as a negative on each bill. This square is still divided into a smaller one on each side along the denomination of the bill in numbers and the name of the currency is printed. Within the smaller square triangular elements are shown. By keeping the bill in the light corresponding elements on the back be added that as a note, the letter H is visible. At this point, the paper is thinner and, therefore, transparent.

On the right side of the portrait of a rectangle is printed, which is placed along the edge of the colorful banknote. Is within the rectangle when you change the viewing angle, the concealed legend Kuna in gravure printing visible. To make the hidden legend visible, it is necessary to keep the bill flat and at eye level against the light. If the note is slightly shifted, the legend is visible.

The serial number is printed twice on each bill, in the upper left corner and in the lower right corner of the front. It is printed in a black color and contains letters designating the series before and after the seven digits. The numbering glows green under ultraviolet light. In the lower left corner on the white surface of the bill, is a sign in which is a specific micro text is printed for the blind (not in 5- kuna banknote ). On the back of the bill, in the upper right corner, two lines of text are printed: the date of issue of the bill and a facsimile signature of the Governor of the Croatian National Bank.