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Finmin says government welcomes HNB's decision

Autor: mses
ZAGREB, March 9 (Hina) - Finance Minister Martina Dalic has said that the government welcomes the decision by the Croatian National Bank (HNB) to make available HRK 6.3 billion (approximately EUR 850 million) for economic project financing as a result of a reduction, from 20 percent to 17 percent, in the rate of minimum required foreign currency claims of banks relative to their foreign currency liabilities.

In response to reporters' questions in the parliament, where she presented new guarantee fund legislation, Dalic said that the central bank was an independent institution making decisions on its own and without consulting the government.

The HNB made decisions in this way every time it changed the instruments of its monetary policy, and I see nothing unusual in the latest case, the minister said.

"The government welcomes the HNB's contribution to reducing interest rates and I think that this move will certainly render the banking system more liquid," she said.

Earlier in the day, the opposition in the parliament said that it interpreted the HNB's latest decision as Governor Zeljko Rohatinski's message that the incumbent government lacked competence.

The HNB said in a press release yesterday that the purpose of this decision, which was issued by Rohatinski, was "to stimulate investments in new projects that could contribute to improved exports and balance of payments and job creation over the shortest possible term. It is estimated that these investments will involve mainly investments in manufacturing and tourism."

According to the HNB press release, "the decision of the Governor was issued after consultations with the representatives of major banks and employers. Given the already high banking system liquidity, the additional amount that is made available for investments under this decision should facilitate loan realisation and ensure more favourable interest rates compared to those offered presently for all projects that can be realised quickly and that stand real chances of achieving profitable and competitive business operations in the domestic and foreign markets."

(Hina) ms

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