CROATIAN NATIONAL BANK SATISFIED WITH ARRANGEMENT WITH IMF

ZAGREB, Dec 21 (Hina) - The achieved agreement between the Croatian Government and an International Monetary Fund delegation on a stand-by arrangement worth 200 special drawing rights, and the decision of the Croatian National Bank (HNB) on the start of the work of the national clearing system (at the beginning of next February), are two recent events wich the Central Bank describes as extremely significant. The HNB is exceptionally satisfied with the upcoming stand-by arrangement with the IMF. The bank's officials stressed this practically meant a support to changes of the legislature in the monetary and financial spheres, that is, the draft law on banks, amendments to the law on foreign exchange currency law and changes in the payment transfer. The HNB also assessed this meant a support to the idea that the privatisation of the banking system should be continued, as well as that the HNB's basic aim should be the preservation of the stability of prices. The final adoption of the stand-by arrangement is expected at the end of February next year. Croatia does not at this time necessarily need stand-by funds as might be the case in some other countries, so there is no need for haste. This is a normal procedure of accepting such an arrangement at the IMF. (hina) lml