NEW YORK: Central bank of Croatia has sold 326.2 million euros ($379.17 million) to commercial banks in the local foreign exchange market this year to counter the pressure on the kuna currency.
The average rate at the auction amounted to 7.6977 kuna per euro, the central bank said. The kuna firmed a touch to 7.6980 against the euro from 7.7180 before the transaction.
Market participants said the kuna’s easing in recent days, which pushed it to an 11-year low, was largely prompted by nervousness around a surge in the Swiss franc and corporate demand for euros for foreign payments at the beginning of the year.
The government proposed this week to fix the Swiss franc rate for mortgage loans to 6.39 kuna per franc for one year to ease pressure on housing loans in the Swiss currency . The parliament will vote on the decision.
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