The Croatian National Bank ( hr, Hrvatska narodna banka or HNB; ) is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

of the Republic of Croatia. HNB was established by the

Constitution of Croatia The Constitution of the Republic of Croatia ( hr, Ustav Republike Hrvatske) is promulgated by the Croatian Parliament. History While it was part of the socialist Yugoslavia, the Socialist Republic of Croatia had its own Constitution under the ...

which was passed by the

Parliament of Croatia The Croatian Parliament ( hr, Hrvatski sabor) or the Sabor is the unicameral legislature of the Republic of Croatia. Under the terms of the Croatian Constitution, the Sabor represents the people and is vested with legislative power. The Sabor ...

on 21 December 1990. Its main responsibilities are maintaining the stability of the national currency, the kuna, and ensuring general financial

liquidity Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity, the ease with which an asset can be sold * Accounting liquidity, the ability to meet cash obligations when due * Liq ...

within the country. HNB also issues

banknote A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

s and holds the national monetary reserves. In performing its duties HNB acts as an independent institution responsible to the Parliament. The bank has a share capital of 2,500,000,000

Croatian kuna The kuna is the currency of Croatia, in use since 1994 (sign: kn; code: HRK). It is subdivided into 100 lipa. The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Mint. The plural form of the word kuna in Cr ...

s (c.

US$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

450 million). HNB acts in accordance with ''Law on Croatian National Bank''.

Foundation

Banco Nacional, Zagreb, Croacia, 2014-04-20, DD 01

On 21 December 1990 the

, determined in article 53,Sabor Republike Hrvatske
Ustav Republike Hrvatske
Narodne novine. Retrieved 2011-08-29 named the Croatian National Bank as Croatia's central bank, and declared its responsibilities: "Croatian National Bank is central bank of Republic of Croatia. Croatian National Bank is responsible, within its rights and duties, for stability of the currency and for liquidity of payments in state and abroad. Croatian National Bank is independent in its activity and responsible to Croatian ''Sabor''. Profits made by Croatian National Bank belong to Croatian state budget. Position of Croatian National Bank is made by law." By amendments of Constitution of Croatia in 1997, Bank's earlier name ''National Bank of Croatia'' ( hr, Narodna banka Hrvatske) was changed to ''Croatian National Bank'' ( hr, Hrvatska narodna banka).

Functions of the Bank

The Croatian National Bank is the central bank of the Republic of Croatia and part of the European System of Central Banks. The primary objective of the CNB is maintaining price stability and the stability of the financial system as a whole. The Croatian National Bank executes monetary policy, manages international reserves of the Republic of Croatia, issues the Croatian currency - the kuna, issues authorisations of credit institutions, credit unions, payment institutions and electronic money institutions and supervises their operation. The CNB also issues authorisations of authorised exchange offices. The Croatian National Bank is autonomous and independent in achieving its objective and carrying out its tasks. The CNB reports on its work to the Croatian Parliament. Independence of the CNB The independence of the central bank is a key precondition for a successful and credible implementation of monetary policy and for the achievement of the main objective of the central bank - maintenance of price stability. The independence of the Croatian National Bank is in accordance with Article 130 of the Treaty on European Union, which guarantees the independence of national central banks of the European Union. There are several aspects of central bank independence: functional, institutional, personal and financial. Functional independence implies a clearly defined objective and autonomy in the choice of measures and instruments for its realisation. Institutional independence means that central bank decisions are independent from the influence of other institutions. Personal independence guarantees the protection of CNB officials from external pressures, excludes conflicts of interest and precisely defines the conditions for the appointment and removal from office of the Governor and other members of the CNB Council. Financial independence implies the possibility for the CNB to autonomously obtain funds for the purpose of executing its mandate, with the income and expense determined by the monetary policy stance.

Monetary stability

Stable prices is the main criteria for monetary stability. Stable prices are maintained by making sure price increases meet the Government's inflation target.hnb.hr/o-hnb

Financial stability

Maintaining financial stability involves protecting against threats to the whole financial system. Threats are detected by the Bank's surveillance and market intelligence functions. The threats are then dealt with through financial and other operations. The Bank works together with other institutions to secure both monetary and financial stability.

Governors

* Ante Čičin-Šain (August 1990 – May 1992) * Pero Jurković (June 1992 – February 1996) * Marko Škreb (March 1996 – July 2000) *

Željko Rohatinski Željko Rohatinski (3 August 1951 – 12 December 2019) was a Croatian economist who served as Governor of the Croatian National Bank from 2000 to 2012. Early life Rohatinski graduated from the University of Zagreb Faculty of Economics in 1974, w ...

(July 2000 – July 2012) *

Boris Vujčić Boris Vujčić (; born 2 June 1964) is a Croatian economist, university professor, and the Governor of the Croatian National Bank, a position he has held since 2012. Early life Vujčić graduated from the Zagreb Faculty of Economics in 1988, whe ...

(8 July 2012 – present)

References

External links

* {{authority control Banks of Croatia

Croatia , image_flag = Flag of Croatia.svg , image_coat = Coat of arms of Croatia.svg , anthem = "Lijepa naša domovino"("Our Beautiful Homeland") , image_map = , map_caption = , capit ...

Donji grad, Zagreb Hrvatska

National Bank In banking, the term national bank carries several meanings: * a bank owned by the state * an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) * in the United States, an ordinary p ...

Banks established in 1990 Buildings and structures in Zagreb Neoclassical architecture in Croatia Croatian companies established in 1990