The Croatian National Bank (HNB) sold EUR 180.5 million on the currency market on Monday at the average exchange rate of 7.499102 kuna for one euro, the HNB said in a statement.
In order to sterilise excess liquidity and reduce the depreciation pressure on the kuna-euro exchange rate, an extraordinary meeting of the HNB Council has been convened for Tuesday, at which a decision will be made about changing banks' reserve requirements.
Today's intervention is 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.
Today, the kuna depreciated 0.11 per cent against the euro, which exceeded 7.5 kuna for the first time since 2 March 2005.
