ZAGREB, Nov 3 (Hina) - The Croatian National Bank (HNB) Council decided at a session on Monday to increase the rate of compulsory kuna reserves, which is calculated on the foreign currency base, from 35 to 42 percent in order to
accomplish the goals of the 2003 monetary policy, the HNB said in a statement.
ZAGREB, Nov 3 (Hina) - The Croatian National Bank (HNB) Council
decided at a session on Monday to increase the rate of compulsory
kuna reserves, which is calculated on the foreign currency base,
from 35 to 42 percent in order to accomplish the goals of the 2003
monetary policy, the HNB said in a statement. #L#
The decision will be implemented in two phases: an increase of five
percentage points (from 35 to 40 percent) will be applied on
November 10 and an increase of the remaining two percentage points
(from 40 to 42 percent) on December 8.
The rate at which the HNB pays a fee for compulsory kuna reserves
will be decreased from 1.50 to 1.25 percent, the HNB statement
reads.
(hina) rml sb