Croatian Kuna - HRK

Overview

The Croatian Kuna is the official currency of Croatia, a country in Europe at the crossroads of the Mitteleuropa, the Balkans, and the Mediterranean. Croatia has diverse climates, mostly continental and Mediterranean. Croatia's Adriatic Sea coast is long and traced by more than a thousand islands. The country’s capital and largest city is Zagreb.

Economy

• Monetary Fund data shows that Croatian nominal GDP stood at $ 69.357 billion or $ 15,633 per capita. In 2008, purchasing power parity GDP was $ 82.407 billion or $ 18,575 per capita.
• According to Eurostat data, Croatian PPS GDP per capita stood at 63.2% of the EU average in 2008. Real GDP growth in 2007 was 6.0 percent.
• The average gross wage of a worker in Croatia during the first nine months of 2008 was 7,161 Croatian Kuna (U.S. $ 1,530) per month.
• In 2007, the unemployment rate defined by the International Labour Organization stood at 9.1%, after falling steadily from 14.7% in 2002. The unemployment rate then went up, reaching 13.7% in December 2008.
• Privatization and the drive toward a market economy had just begun under the new post-Communist government when war broke out in 1991. As a result of war, economic infrastructure suffered massive damage, in particular in the revenue-producing tourism industry. From 1989 to 1993, GDP fell by 40.5%.
• The Croatian state still controls a significant portion of the economy, with government spending accounting for up to 40% of GDP.
• A backward judicial system is of particular concern, combined with inefficient public administration especially on issues of land ownership and corruption. Another problem is a huge and growing national debt.

History

• The Croatian Kuna reappeared in 1939 when the Banovina of Croatia, established in the Kingdom of Yugoslavia, was due to issue its own money.
• In 1941, when the Ustase formed the Independent State of Croatia, the Independent State of Croatia Kuna currency was created. This currency remained in circulation until 1945, when, along with other national institutions, it disappeared at the creation of FPR Yugoslavia.
• In 1990, Croatia declared independence from Yugoslavia. The Croatian Dinar replaced the Yugoslav Dinar at par, and declined in value by a factor of about 70 until replaced by the Kuna a rate of 1 Kuna = 1,000 Dinar when introduced on May 30, 1994, beginning a transition period that ended December 31, 1994.
• In 1994, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa (the Croatian word for lime or linden tree), and 1, 2, 5 and 25 Croatian Kuna. The coins are issued in two versions: one with the name of the plant or animal in Croatian (issued in odd years) and the other with the Latin name (issued in even years).

General Information