The decision on the 14 per cent rate of legal reserve requirements takes effects on 12 October, when the required reserves for September should be calculated.
The HNB emphasises that this measure will lead to the withdrawal of HR 3.1 billion from the system which the HNB considers necessary to stabilise the exchange rate of the kuna and alleviate depreciation pressures.
The central bank said it would continue closely following developments on the monetary and foreign currency markets and accordingly take necessary steps to prevent excessive oscillations in the exchange rate that are not based on realistic economic trends.
The national bank on Monday intervened in the foreign exchange market, selling EUR 180.5 million at an average exchange rate of HRK 7.499102 for one euro.
In a press release about the foreign exchange intervention the HNB announced that on Tuesday it would make a decision on changing the banks' reserve requirement rate "in order to sterilise excess liquidity in the banking system and alleviate depreciation pressures on the HRK/EUR exchange rate."
Monday's intervention was the HNB's second one this year, whereby the bank drew more than HRK 1.35 billion in an attempt to alleviate the appreciation of the euro. The first intervention was made on July 25, when the HNB sold EUR 238.9 million at the average exchange rate of 7.465038 kuna for one euro.
According to the exchange rate list published on Monday and applicable on Tuesday, the kuna depreciated 0.11 per cent against the euro, which exceeded 7.5 kuna for the first time since 2 March 2005. The euro traded at HRK 7.504448 according to that list.
According to the exchange rate list published on Tuesday and applicable on Wednesday, the kuna rose against major foreign currencies. According to the midpoint exchange rate, the euro traded at HRK 7.500264, after the kuna appreciated by a mild 0.05 per cent.