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One more nation to adopt the euro — RT Business News

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The Croatian parliament approved a law on the adoption of the euro on January 1, 2023. Lawmakers voted 117 to 13 in favor of replacing the kuna with the single European currency.

Under the legislation, prices in Croatia will be displayed in both currencies from September this year and used in parallel throughout next year.

The government says adopting the euro should remove currency risk, reduce interest rates, improve Croatia’s credit rating and pave the way for more investment.

A major challenge for Croatia, which joined the European Union in 2013, has been controlling inflation and budget spending, in order to meet the macroeconomic criteria for eurozone membership.

READ MORE:
The 9th country in the EU sees inflation jump to double digits

Croatia remains one of the weakest economies in the EU, partly due to the lasting legacy of the war of the 1990s.
Croatia’s economy is heavily dependent on tourism revenue, attracting several million European and international visitors each year.

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