ZAGREB, July 17 (Hina) - The implementation decisions the Croatian National Bank (HNB) adopted recently based on a new law on foreign exchange transactions do not impose new or tighten existing restrictions on the depositing of
foreign exchange abroad, the central bank said on Thursday.
ZAGREB, July 17 (Hina) - The implementation decisions the Croatian
National Bank (HNB) adopted recently based on a new law on foreign
exchange transactions do not impose new or tighten existing
restrictions on the depositing of foreign exchange abroad, the
central bank said on Thursday. #L#
When the law was being adopted in parliament, it was said that
capital transactions with other countries had not been fully
liberalised yet. It was underlined that existing restrictions
would remain in force when physical persons deposited money abroad
until Croatia joined the European Union, the bank said in a
statement issued after some media and public workers commented on
the implementation decisions the HNB adopted in line with the law on
foreign exchange transactions.
The statement said the new law, adopted in parliament late in May,
represented a significant liberalisation of foreign exchange
operations. Another aspect of the law was the adjustment of its
provisions to EU standards.
The HNB implementation decisions do not impose new or tighten
current restrictions applicable when foreign exchange is deposited
abroad, the statement said, adding that the new law and its
application would directly or gradually liberalise capital
transactions.
The central bank said it had to keep certain restrictions because
allowing citizens to take unlimited amounts of money out of the
country to deposit in foreign banks would not benefit the domestic
economy but increase Croatia's external debt.
The external debt is growing fast anyway and the growth of its share
in gross domestic product needs to be curbed, the HNB said.
(hina) ha sb