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From Wikipedia, the free encyclopedia

Croatian kuna
hrvatska kuna  (Croatian)
10 kuna banknote obverse.jpg
Hrvatska kuna.png
10 kuna banknote1 kuna coin
ISO 4217
CodeHRK
Number191
Exponent2
Denominations
Subunit
 1/100lipa
PluralThe language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbolkn
 lipalp
Banknotes
 Freq. used10, 20, 50, 100, 200, 500 kn
 Rarely used5, 1000 kn
Coins
 Freq. used5, 10, 20, 50 lipa, 1, 2, 5 kn
 Rarely used1, 2 lipa, 25 kn
Demographics
Date of introduction30 May 1994
User(s) Croatia
Issuance
Central bankCroatian National Bank
 Websitewww.hnb.hr
PrinterGiesecke & Devrient
 Websitewww.gi-de.com
MintCroatian Monetary Institute
 Websitewww.hnz.hr
Valuation
Inflation1.5% (August 2018)[1]
 SourceCroatian Bureau of Statistics, September 2018[1]
 MethodCPI[1]

The kuna is the currency of Croatia, in use since 1994 (sign: kn; code: HRK). It is subdivided into 100 lipa. The kuna is issued by the Croatian National Bank and the coins are minted by the Croatian Monetary Institute.

The word "kuna" means "marten" in Croatian, referring to the historical use of marten pelts as units of value in medieval trading. The word lipa means "linden (lime) tree", a species that was traditionally planted around marketplaces in Croatia and elsewhere in the Austro-Hungarian Empire during the early modern period.

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  • ✪ Creation of the Croatian National Currency
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  • ✪ 500 Serbian Dinars Banknote (Five Hundred Dinars Serbia: 2007) Obverse & Reverse
  • ✪ 1000 Serbian Dinars Banknote (Thousand Dinars Serbia / 2011) Obverse & Reverse
  • ✪ 5000 Serbian Dinars Banknote (Five Thousand Dinars Serbia / 2010) Obverse & Reverse

Transcription

Let us be a little, well, immodest, but it really is beautiful! I tried to make the animals appear alive. To be quite honest, it was one of the most important days in my career at the time, perhaps even my entire career. There were tears, there were such touching moments, that I get goose bumps even now when I think about it. Young men, 20 years old, were lining up to go to war, and there we were, introducing the kuna, a hard currency. People laughed at us... After all, this was a unique moment in the life of an average man, the creation of something which would define the state, the chance to participate in this. It was a great pleasure and a great honour for us all. Dr. sc. Hrvoje Klasić, historian It was the beginning of Croatia’s final phase of disassociation, Dr. sc. Hrvoje Klasić, historian its independence and dissolution from Yugoslavia. Unfortunately, the process was neither smooth nor painless, in the political sense, both internally and in regards to foreign policy, but it was also painful from a military aspect. Dr. sc. Franjo Gregurić Prime Minister of the Republic of Croatia from 1991 to 1992 On the one hand, it was the start of the former Yugo-army’s Dr. sc. Franjo Gregurić Prime Minister of the Republic of Croatia from 1991 to 1992 departure from the territory of the Republic of Croatia, which we had demanded, Dr. sc. Franjo Gregurić Prime Minister of the Republic of Croatia from 1991 to 1992 while on the other, there was revolt among some of the Serbian population in Croatia. In this atmosphere, it was necessary to secure a normal life, manufacture, jobs, financing. Mr. sc. Zdravko Rogić Deputy Governor of the NBC (later renamed HNB) from 1990 to 2000 On June 27, Governor Ante Čičin-Šain and I arrived and familiarized Mr. sc. Zdravko Rogić Deputy Governor of the NBC (later renamed HNB) from 1990 to 2000 ourselves with the materials, documents presented to us. Mr. sc. Zdravko Rogić Deputy Governor of the NBC (later renamed HNB) from 1990 to 2000 We realized they amounted to a collection of punitive measures wholly unconnected to the actions of the national bank and banks in Croatia within the bounds of monetary policy and system. They had all the practical characteristics of punishment, sanctions for the decision in favour of sovereignty and independence. Mr. sc. Borislav Škegro National Bank of Croatia (NBC) Council member from 1992 to 1997 Well, one of the methods by which they thought they would achieve Mr. sc. Borislav Škegro National Bank of Croatia (NBC) Council member from 1992 to 1997 something significant was a sort of expulsion from the monetary system, thus the denial of loans from the primary issue and some other benefits the economies could have gained in that moment. Military aggression on Slovenia began on the 27th, but in a way, the decisions, and there were several made that day, represented a form of financial aggression against Slovenia and Croatia. In addition to the recommendation from the federal government to the national bank and its Board of Governors, on July 10 a letter was sent by Stane Brovet, general Kadijević’s deputy. In this letter – and I believe this was very significant – he requested for the federal government’s recommendation not to be implemented. Ultimately, this was a case of a departmental mutiny against the federal government, and clearly, the Board of Governors listened to the Yugoslav National Army (JNA). This made it obvious who was in charge in Yugoslavia, even at this early stage. Croatia at that moment was not internationally recognised, independent country, it was in an interregnum, so to speak. De facto, it was no longer a part of Yugoslavia while legally remaining so, while on the other hand it was still not a sovereign state. Her Its institutions were prevented from performing those functions that are simply not available to a country which officially does not exist yet. INTRODUCTION OF THE CROATIAN DINAR Prof. dr. Marijan Hanžeković chairman of the Commission As you can see, the Commission consists of members of Parliament Prof. dr. Marijan Hanžeković chairman of the Commission and members of the Government – politicians and ministers, as well as members of the professional services. It is very uniformly composed which has reflected well in our work - our first meeting was on August 27, and we have met 15 times since then. We have put in our best effort and I hope we have successfully completed the task. Zlatko Jakuš graphic artist and engraver author of the Croatian dinar Thus emerged a currency which did not even have a name, Zlatko Jakuš graphic artist and engraver author of the Croatian dinar but it was money which had to be issued with the recognition of Croatia. From the conceptual design and agreement on the name, appearance, colour scheme and dimensions, to printing the first banknotes, it took three months – an absolute world record. The money was printed in Sweden, as you know, and the Swedes introduced a special third shift to work in order to deliver the Croatian dinar on time. They are of very good quality and safe from counterfeiting; Dr. sc. Ante Čičin-Šain first Governor of the NBC They are of very good quality and safe from counterfeiting; Dr. sc. Ante Čičin-Šain first Governor of the NBC they have nine different elements of protection. The banknote is of such quality there is practically no fear of counterfeiting. Nikola Raguž Currency Department director at the NBC from 1991 to 1994 The first contingent of banknotes arrived from Sweden by plane. Nikola Raguž Currency Department director at the NBC from 1991 to 1994 It was intended to land in Zagreb but due to the EU-wide embargo on Croatia, the plane landed in Graz, Austria. It was then transferred to trucks and driven to the central bank vaults in Zagreb. Mr. sc. Borislav Škegro NBC Council member from 1992 to 1997 Formally, legally, it was not currency, there were political reasons for this. Mr. sc. Borislav Škegro NBC Council member from 1992 to 1997 The Croatian state leadership at that moment did not want to give rise either either to the other member-states of the former federation or to the international community. Mr. sc. Bogomil Cota director-general of the Croatian branch of the Social Accounting Service and Commission member We agreed to substitute the Yugoslav dinar with the Croatian dinar over a period of five days, between December 27 and December 31. Just before this there were further discussions in the Government and wider afield, and it was decided to begin the replacement before Christmas and the New Year so the numerous Croatian workers living in Germany and other countries could exchange their currency for the Croatian dinar when they visited. This was the main reason. The process of substituting the currency is flowing very well, very calmly. Exchanges are happening in all parts of Croatia, with almost no impediment, delays. This is equally the case in both Eastern Slavonia and Dubrovnik, I do not even have to mention the other regions. The plan was for the central bank to distribute the Croatian dinar in cooperation with the Social Accounting Service. Unfortunately, we were denied access to our occupied areas but there were many other territories directly imperilled by the war. Nikola Raguž Currency Department director at the NBC from 1991 to 1994 Dalmatia was also cut off. Nikola Raguž Currency Department director at the NBC from 1991 to 1994 Of course, we drove the money anyway, by truck over the island of Pag to Zadar, Šibenik and Split and ferried it by sea from Rijeka to Split and Dubrovnik. When currency is substituted in this way, the obvious issue was that certain Dr. sc. Jozo Martinović Finance Minister from 1991 to 1992 restrictions had to be enforced to ensure illegal and problem dinars, Dr. sc. Jozo Martinović Finance Minister from 1991 to 1992 problematic banknotes would not appear and be mistaken for real money. With this in mind, the Commission evaluated that it would be enough for every Croatian citizen to exchange 10000 Yugoslav dinars for an equal amount, 10000 Croatian dinars. Franjo Gregurić Prime Minister of the Republic of Croatia from 1991 to 1992 It was the first of all the activities which led up to the forging of an independent and sovereign Croatian state, and can be characterised on the one hand as part of a great effort of goodwill towards the international community, something done to prove ourselves and create stable conditions in an effort to gain international recognition. Dalibor Brozović Member of the Croatian Academy of Sciences and Arts, Commission member The long-term solution, to be implemented when the monetary is the crown, divided into a hundred banica. Dr. sc. Nedjeljko Mihanović Commission member and president of the Parliament Committee for Education, Science, Culture and Sport from 1990 to 1994 The marten, at least its pelt, was in fact a form of currency as early as the 13th century. People bartered pelts for other goods… Dr. sc. Franjo Tuđman first Croatian President The marten was a means of payment in ages long gone in the Croatian territories, from Slavonia to Istria. The kuna’s pelt was accepted as a means of payment in other parts of the world, too, but I do not know of any other country that gave the pelt as much significance as it has throughout Croatian history and the Croatian national consciousness. Namely, the kuna is depicted on the historic coat of arms of the ancient Croatian kingdom of Slavonia. Nikica Valentić Prime Minister of the Republic of Croatia from 1993 to 1995 We were under a lot of pressure because the kuna bears the burden of the fact that it was also the currency during the time of the so-called “Independent State of Croatia” (NDH). This was a completely insignificant period in the Croatian history. That entity was not a true state, legally or in any other sense. The fact that for a couple of years someone used something that had lasted for centuries before, is not a valid reason for it to be discredited. TENDER FOR COINS First, I should point out that Member of the Croatian Academy of Sciences and Arts, professor Brozović was the most responsible for the issuing of the Croatian currency, especially minted coins. Nikola Raguž Currency Department director at the NBC from 1991 to 1994 He dealt with the history of numismatics in his works, Nikola Raguž Currency Department director at the NBC from 1991 to 1994 was a keen numismatist himself, so he had the best overview. We worked together a great deal, but my part was more technical in nature. Calculations had to be done: there were nine coins, it was necessary to calculate their dimensions: diameter, size, thickness, weight. Kuzma Kovačić sent in the best complete visual design, first a set of beautiful drawings, then plaster models. Prof. Igor Zidić, Commission member He was young at the time, but already a great sculptor in the finest Croatian tradition. It was evident that his sculpting skills were special, extraordinary, and it was fully expressed here. Unburdened by history and tradition, he allowed himself to be playful in his fine modelling and there was absolutely no dispute within the Commission concerning his selection. In looking for a new visual design, the art concept, Prof. dr. Kuzma Kovačić sculptor, author of the kuna and lipa coins in a way I really relied on the beauty of the old, primarily antique coinage, money that has always been beautifully sculpted, not simply numismatically interesting and beautiful. That joy, the birth of a sovereign state, gaining national, renewed freedom, it was an inspiration and a motive. I approached it this way and I think in the end I succeeded with a beautiful resolution. TENDER FOR BANKNOTES Prof. Igor Zidić, Commission member I suggested that at least one piece of currency, one banknote should contain Prof. Igor Zidić, Commission member the portrait of a prominent Croatian woman. I felt it was bad there were no women, and I remember Brozović told me women would be included in the second series. He said it was too late to go back to the drawing board; we would lose too much time. I said there are several women we must not forget, and mentioned Ivana Brlić Mažuranić. Dr. sc. Nedjeljko Mihanović Commission member and president of the Parliament Committee for Education, Science, Culture and Sport from 1990 to 1994 The Commission’s idea was to use the designs of the currency, Dr. sc. Nedjeljko Mihanović Commission member and president of the Parliament Committee for Education, Science, Culture and Sport from 1990 to 1994 which had already been planned in denominations of 10, 20, 100, 200, 500 and 1000 kuna, to cover the entire territory of Croatia. There was a lot of controversy. I wondered how it is that we could not decide on Zadar, but there it is, it was not selected for the simple reason that we could choose only eight, and Croatia really has more than eight important historical cities. Certainly nobody would have had anything against Šibenik and its cathedral, perhaps the single most important piece of the Croatian art - as the work of our hands, our minds, in our city. At that time of war, we believed that money is not only an aesthetic object, but something that sends a message, something to identify with. SELECTED DESIGN FOR BANKNOTES Prof. Igor Zidić, Commission member Within the Commission, we created an external, expert committee who were responsible for the recommendations; a professional choice, to be verified or corrected by the Commission depending on the final decision. Some of them did not even have enough time, the deadlines were very tight, it was burdensome. The submissions were short, we were in a terrible hurry. SELECTED DESIGN FOR BANKNOTES Two of the most complete works were by Šutej and Ljubičić, the difference being that from the beginning, Šutej's work was somehow better defined, from head to toe as it were. All the banknotes, obverse, reverse. Everything was included in his project, while Ljubičić was really giving only samples; the obverse of one banknote, the reverse of another. I think he had three or four banknotes while Šutej had all eight, which probably greatly influenced the members of the Commission. Prof. dr. Vilko Žiljak co-author of the kuna banknotes Mr Šutej, my friend and colleague, is primarily an artist, Prof. dr. Vilko Žiljak co-author of the kuna banknotes so the deliberacy of the arrangement and the choice of visual elements were led by him. It was a wonderful connection between two men who fully understood the intricacies. We did a professional job, the same as for any banknote in the world. PRODUCTION We minted the coins in a very short period of time. Dr. sc. Đuro Črnjak first director of the Croatian Monetary Institute (HNZ) In eight months we completed everything, from the initial decisions to establish the HNZ to the realisation of the first minting. The Commercial Services Agency and the National Bank were in this project together. We had the tools made at the Stuttgart mint; member of the Croatian Academy of Sciences and Arts Brozović, Kuzma Kovačić and I visited them several times and corrected some things with which the author was not satisfied. One anecdote I would like to mention was the 5 kuna coin, which depicts a bear on the reverse. Kuzma had designed a wonderful sculpturally rich solution and insisted on the bear being beautiful and sturdy as in the design chosen by the HNB Commission. We had a bit of trouble there, since we again had to cut costs so we ordered relatively thin plates from the Royal Mint and there was not enough space. Regardless of the deadline pressures and everything else, after a few iterations, we managed to find a solution which pleased the author while remaining feasible due to the thinness of the minting plate. Prof. dr. Vilko Žiljak co-author of the kuna banknotes Vector graphics were ideal at that time and we raised it to a new, immense level. Prof. dr. Vilko Žiljak co-author of the kuna banknotes I can now say it was a miracle that it succeeded. However, we had to use a high resolution photo unit, huge for the time, then we had extraordinary programs. We created a beautiful little group of people who were absolutely devoted to this task, which had no set working hours. Wages had also been adjusted to wages in general. It was nothing excessive. Boris Raguž Currency Department director, HNB We investigated and found that indeed Croats working there fraudulently used our 10 kuna as payment instead of the 10 DM note. It became so widespread that the Bundesbank asked us to consider the possibility of replacing this banknote with a new series, which would be visibly different - especially in colouring - from the 10 DM they had put into circulation two years previously. STABILISATION PROGRAMME First of all, we were at war. Nikica Valentić Prime Minister of the Republic of Croatia from 1993 to 1995 Metaphorically speaking, the entire southern part of Croatia and Bosnia and part of Herzegovina - which is economically dependent on Croatia - were relying on the strength of two damaged pillars on Pag bridge. Two-thirds of Croatia was under threat of potential war while the last third was already occupied. It was a dilemma: either have a wartime economy, meaning scattered distribution and wartime production, or an embryo market economy, which we opted for. Mr. sc. Borislav Škegro NBC Council member from 1992 to 1997 Prior to launching the stabilisation programme, President Tudjman tasked us in a way with the success of this programme - stabilize the currency before the introduction of the kuna. We certainly would not have introduced the kuna if the stabilisation programme had failed. Inflation was at 36 percent in the final month. By some estimates, in three to six months it would have risen to 1,000 percent. This is the so-called Argentine syndrome, which others are more competent to discuss. It was a dilemma: we could have total anarchy or order. The first step was the elimination of inflation, that most unjust of taxes. Secondly, restructuring. We created a serious restructuring department. Later on the rehabilitation of the banks and measures which had been in the planning stages for ten years. The first part of the programme was implemented very efficiently. The Croatian currency dinar was stabilised, and finally the crowning moment of the introduction of the Croatian kuna. To be quite honest, it is one of the most important days in my career at the time, perhaps even my entire career. Absolutely positive effects - everyone who has participated in it can feel proud, especially the economic team as the authors of the programme, led by Vice-President Škegro and Governor Jurković. INTRODUCTION OF THE KUNA The introduction of the kuna in 1994 - and it happening on our Independence Day - was in some ways, Dr. sc. Hrvoje Klasić, historian proof of the power held by the Croatian authorities at that point, proof they were in control of the situation to a much greater extent than it had in mid- and even late 1991. Dr. sc. Pero Jurković, Governor of the NBC from 1992 to 1996 That we have reached this great day is due to the results of a diligent, Dr. sc. Pero Jurković, Governor of the NBC from 1992 to 1996 wise and principled overall and economic policy in Croatia. This act is also evidence of the solid and clear commitment of our country and its leadership to peaceful politics and a policy of economic revival based on versatile Croatian involvement in contemporary European and world economics. However, the greatest contribution to this celebration has been by the ordinary people and citizens of Croatia, who have patiently borne the brunt of the war and the stabilisation programme, and who are still willing to give their all for the freedom, development and prosperity of this country, our dear and only Croatia. Special thanks go to you, Mr. President, who has been there every step of the way, to provide us with the advice and support needed to persevere in this work. With God's help, may our kuna and lipa have luck and sail calm waters on their way to joining a society of stable and globally recognized currencies. The kuna was a very important element in the defense of the country - moral, material and psychological. Dr. sc. Franjo Tuđman first Croatian President At all times and in all countries, the introduction of a national currency Dr. sc. Franjo Tuđman first Croatian President has had great significance in a moral, political and psychological sense and consequently, the economic. I am convinced that the same will hold true for the introduction of our own currency, the kuna and lipa. The Croatian people deserve this - in fact, the Croatian people have contributed both politically and economically, and unfortunately in war, defending their homeland, defending against aggression - because today, the Croatian people hold their own currency in their hands as a means to further their development. BANKNOTE LIFECYCLE Boris Raguž Currency Department director, HNB The life span of banknotes issued in smaller denominations is somewhere up to 24 months, two years. For larger denominations the lifespan is longer, 3, 5 to 4 years. Otherwise, the most used denomination, with the greatest number of banknotes in circulation in Croatia, is HRK 200. This is primarily because banks use it for payouts and for ATM withdrawals. When talking about quantities, the 200 and 100 kuna banknotes make up almost 50% of the current circulation. Prof. dr. Vilko Žiljak co-author of the kuna banknotes The crown banknotes, which evolved into the kuna, Prof. dr. Vilko Žiljak co-author of the kuna banknotes were created using vector graphics, which means their lines are very fine. At the time, these fine lines were effective against the very strong threat of photocopying. They were difficult to photocopy, almost impossible, at least at that time, and the tradition of fine, super-thin lines was continued to the extent of using them for the lettering - we are talking about microtext here, which is a character less than one millimetre in height. The design has remained the same, but we have added some new protective elements. Prof. Miroslav Šutej designer and co-author of the kuna banknote There were few interventions, we added new elements for protection and they they have given a new image to the banknote. The upgrade of the existing series of banknotes has proved to be very successful because during these twenty years of using, kuna banknotes have a practical average of around 1,000 counterfeits detected annually. To illustrate, if we start with the current circulation figure of 160 million banknotes, that is two counterfeits to every million registered banknotes, an almost negligible number. FUTURE The future of the Croatian kuna is to remain a stable currency Dr. sc. Boris Vujčić, HNB Governor that will serve the basic goal of the HNB, which is price stability, Dr. sc. Boris Vujčić, HNB Governor which means- we have stable prices and a stable currency, although it is not fixed. There is no fixed exchange rate, we let it fluctuate against the euro, but we cannot allow excessive exchange rate oscillations, a policy the HNB will maintain in the future. One of the main goals of our monetary policy is to maintain the kuna at a stable exchange rate until the introduction of the euro. Why? Because Croatia is a very highly euroised country, citizens' loans as well as those of businesses and even the state are tied to the euro exchange rate; any significant fluctuations, such as a falling kuna exchange rate to the euro, would in fact lead to an increase in debt. Excessive strengthening of the euro would not have a good effect on Croatia's competitiveness, therefore the obvious choice is to maintain a stable exchange rate until the introduction of the euro. Mr. sc. Borislav Škegro NBC Council member from 1992 to 1997 And if you look at the twenty-year history of the fluctuation of the free floating exchange rate, Mr. sc. Borislav Škegro NBC Council member from 1992 to 1997 you will see that the kuna is one of the few currencies that has maintained the highest degree of stability, formerly in relation the German mark and to the euro today. Prof. dr. Kuzma Kovačić sculptor, author of the kuna and lipa coins I am a little sad at the idea, if the Croatian currency is someday replaced by the euro. If it proves necessary, it would be nice for the Croatian euro to retain some part of this visual design for the kuna and lipa. Well, for the euro to be introduced at the moment, from the perspective of where we are today, the most important task will be to bring public debt under control. We know that public debt has grown rapidly since the beginning of the crisis, we know that in order to enter the eurozone the state must meet the so-called Maastricht criteria relating to the budget deficit and public debt, the inflation rate, the exchange rate, which must be stable, and interest rates. At the moment, our biggest problem is the rapid growth of public debt. We can begin to talk about joining the eurozone only when we push the growth trajectory of public debt in GDP downwards. Only then will we be ready to start a discussion and meet the other Maastricht criteria.

Contents

History and etymology

During Roman times, in the provinces of upper and lower Pannonia (today Hungary and Slavonia), taxes were collected in the then highly valued marten skins. Hence the Croatian word marturina ("tax"), which derived from the Medieval Latin word for "marten" martus, which came from Proto-Germanic *marþuz through Old Dutch and Old French (modern Croatian for "marten": kuna). The kuna was a currency unit in several Slavic states, most notably Kievan Rus and its successors until the early 15th century. It was equal to ​125 (later ​150) gryvna of silver.

It has no relation to the various Slavic currencies named "koruna" (translated as kruna in Croatian) which means "crown".

In the Middle Ages, many foreign monies were used in Croatia, but since at least 1018 a local currency was in use. Between 1260 and 1380, Croatian Viceroys issued a marten-adorned silver coin called the banovac.[2][3] However, the diminishing autonomy of Croatia within the Croatian-Hungarian Kingdom led to the gradual disappearance of that currency in the 14th century.

The idea of a kuna currency reappeared in 1939 when Banovina of Croatia, an autonomous province established within Kingdom of Yugoslavia, planned to issue its own money, along with the Yugoslav dinar.[4][5] In 1941, when the Ustaše regime formed the Independent State of Croatia, they introduced the Independent State of Croatia kuna.[4] This currency remained in circulation until 1945, when it – along with competing issues by the communist Partisans – disappeared with the establishment of FPR Yugoslavia and was replaced by the Yugoslav dinar.[6]

Modern currency

The modern kuna was introduced on May 30, 1994, starting a transitional period from the Croatian dinar, ending on December 31, 1994.[7] The exchange rate between dinar and kuna was 1 kuna = 1000 dinars. Since then, Croatia has been in a system of de facto currency board with a fixed exchanged rate. The kuna was pegged to the German mark from the start. With the replacement of the mark by the euro, the kuna's peg effectively switched to the euro.

The choice of the name kuna was controversial because the same currency name had been used by the Independent State of Croatia kuna, but this was dismissed as a red herring, since the same name was also in use during the Banovina of Croatia and by the ZAVNOH.[6] An alternative proposition for the name of the new currency was kruna (crown), divided into 100 banica (viceroy's wife), but this was deemed too similar to the Austro-Hungarian krone and found inappropriate for the country which is a republic[6], even when the Czech Republic and, until 2008, Slovakia have used currencies called "crown".

The self-proclaimed Serbian entity Republic of Serbian Krajina did not use the kuna or the Croatian dinar. Instead, they issued their own Krajina dinar until the region was reintegrated into Croatia in 1995.

A long-time policy of the Croatian National Bank has been to keep the fluctuations of the kuna's exchange rate against the euro (or, previously, the mark) within a relatively stable range. Since the introduction of the euro in 1999, the exchange rate between the two currencies rarely fluctuated to a substantial degree, remaining at a near constant 7.4:1 (HRK to EUR) rate. The country joined the European Union on 1 July 2013 and it plans to join the European Monetary System.[8][9] The kuna is expected to be replaced by the euro, even though the initial time estimate of two to three years after joining the European Union proved too short.[9]

Coins

In 1994,[7] coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 lipa (Croatian word for linden or tilia tree), 1, 2, 5 and 25 kuna. The coins are issued in two versions: one with the name of the plant or animal in Croatian (issued in odd years), the other with the name in Latin (issued in even years). Overall more coins have been minted with Croatian names than with names in Latin.[10]

Due to their low value, 1 and 2 lipa coins are rarely used.[11] Since 2009, these coins are no longer minted,[11] but the Croatian National Bank has stated that it had no plans for withdrawing them, and the 1 and 2 lipa coins are still minted as non-circulating.[12]

Circulation coins[13]
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
1 lp 17.0 mm 0.70 g Aluminium-Magnesium alloy Smooth Coat of arms, state title, indication of value Maize, "KUKURUZ" or "ZEA MAYS", year of minting 1993 31 May 1994
2 lp 19.0 mm 0.92 g Aluminium-Magnesium alloy Smooth Coat of arms, state title, indication of value Grapevine, "VINOVA LOZA" or "VITIS VINIFERA", year of minting 1993 31 May 1994
5 lp 18.0 mm 2.50 g Bronze plated steel Smooth Coat of arms, state title, indication of value Oak branch, "HRAST LUŽNJAK" or "QUERCUS ROBUR", year of minting 1993 31 May 1994
10 lp 20.0 mm 3.25 g Bronze plated steel Smooth Coat of arms, state title, indication of value Tobacco plant, "DUHAN" or "NICOTIANA TABACUM", year of minting 1993 31 May 1994
20 lp 18.5 mm 2.90 g Nickel-plated steel Smooth Coat of arms, state title, indication of value Olive branch, "MASLINA" or "OLEA EUROPAEA", year of minting 1993 31 May 1994
50 lp 20.5 mm 3.65 g Nickel-plated steel Smooth Coat of arms, state title, indication of value Degenia, "VELEBITSKA DEGENIJA" or "DEGENIA VELEBITICA", year of minting 1993 31 May 1994
1 kn 22.5 mm 5.00 g Nickel silver Milled Coat of arms, state title, indication of value Nightingale, "SLAVUJ" or "LUSCINIA MEGARHYNCHOS", year of minting 1993 31 May 1994
2 kn 24.5 mm 6.20 g Nickel silver Milled Coat of arms, state title, indication of value Tuna, "TUNJ" or "THUNNUS THYNNUS", year of minting 1993 31 May 1994
5 kn 26.5 mm 7.45 g Nickel silver Milled Coat of arms, state title, indication of value Brown bear, "MRKI MEDVJED" or "URSUS ARCTOS", year of minting 1993 31 May 1994
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative coins

Commemorative coins of the Croatian kuna have been issued since 1994.

Denomination Obverse Design[13]
1 lipa Maize with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!")
2 lipe Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
5 lipa Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
10 lipa Emblem of the United Nations with inscriptions Organizacija ujedinjenih naroda (Croatian for United Nations Organization), 1945 (founding year of United Nations), and 1995 (50th anniversary of United Nations and issue year of coin)
20 lipa Olive with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!")
50 lipa Emblem of the Croatian Football Federation with inscriptions Europsko nogometno prvenstvo (Croatian for European Football Championship), Engleska (Croatian for England), and 1996 (European Championship year and issue year of coin)
1 kuna Emblem of the Croatian Olympic Committee with inscriptions 1996 (Olympic Games year and issue year of coin), Atlanta (host city of the 1996 Olympic Games) and Olimpijske igre (Croatian for Olympic Games)
2 kune Tuna with inscriptions FAO (Food and Agriculture Organization of the United Nations), 1945 (year of FAO founding), 1995 (50th anniversary of FAO and issue year of coin) and fiat panis (Latin expression for "Let there be bread!")
5 kuna Images commemorating the 500th anniversary of the printing of the Breviary of Senj in 1494
25 kuna 28 May 1997 commemorating the peaceful reintegration of the Srem-Baranja Oblast in Croatia
24 June 1997 commemorating the Esperantist congress
27 October 1997 commemorating the accession of Croatia to the United Nations
26 June 1998 commemorating the EXPO in Lisbon
29 December 1999 commemorating the introduction of the euro in EU
27 November 2000 commemorating the year 2000.
15 January 2002 commemorating the 10th anniversary of the international recognition of independence of Croatia
4 August 2005 commemorating the candidacy of Croatia for accession to the EU
12 May 2010 commemorating yearly meeting of EBRD in Zagreb
3 December 2012 commemorating the Accession treaty of Croatia to the EU
1 July 2013 commemorating the accession of Croatia to the EU
7 October 2016 commemorating the 25th anniversary of the independence of Croatia
22 May 2017 commemorating the 25th anniversary of the accession of Croatia to the United Nations

Banknotes

The notes were designed by Miroslav Šutej and Vilko Žiljak, and all feature prominent Croatians on front and architectural motifs on back. The geometric figures at lower left on front (except the 5-kuna note) are intaglio printed for recognition by the sight-impaired. To the right of the coat of arms on front is a microprinted version of the Croatian national anthem, Lijepa naša domovino (Our Beautiful Homeland).[14] The overall design is reminiscent of Deutsche Mark banknotes of the fourth series.

The first series of notes was dated 31 October 1993. The 5, 10 and 20 kuna notes from this series were withdrawn on 1 April 2007, and the 50, 100 and 200 kuna notes were withdrawn on 1 January 2010, but remain exchangeable at the HNB in Zagreb.[15]

New series of notes with similar designs but improved security features were released in 2001, 2004, 2012 and 2014.[16]

kuna banknotes[17]
Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Printing Issue
5 Kuna 122×61 mm Green Fran Krsto Frankopan
and Petar Zrinski
The Old Fort and layout of the old Varaždin castle. 7 March 2001 9 July 2001
10 Kuna 126×63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout. 7 March 2001 18 June 2001
20 Kuna 130×65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and the Vučedol Dove. 7 March 2001 16 August 2001
50 kuna banknote obverse.jpg
50 kuna banknote reverse.jpg
50 Kuna 134×67 mm Blue Ivan Gundulić The Old City of Dubrovnik and its Rector's Palace. 7 March 2002 25 November 2002
100 kuna banknote obverse.jpg
100 kuna banknote reverse.jpg
100 Kuna 138×69 mm Orange Ban Ivan Mažuranić
and the Baška tablet
St. Vitus Cathedral in Rijeka and its layout. 7 March 2002 3 June 2002
200 kuna banknote obverse.jpg
200 kuna banknote reverse.jpg
200 Kuna 142×71 mm Brown Stjepan Radić The old General Command building in Osijek and layout of the City-fortress of Tvrđa. 7 March 2002 12 August 2002
500 kuna banknote obverse.jpg
500 kuna banknote reverse.jpg
500 Kuna 146×73 mm Olive green Marko Marulić Diocletian's Palace in Split and
the motif of Croatian ruler from 11th century.
31 October 1993 31 May 1994
1000 kuna banknote obverse.jpg
1000 kuna banknote reverse.jpg
1000 Kuna 150×75 mm Blue-Red-Grey Ante Starčević Statue of King Tomislav and the Zagreb Cathedral. 31 October 1993 31 May 1994
Commemorative issues in circulation
10 kuna banknote commemorative issue obverse.jpg
10 kuna banknote commemorative issue reverse.jpg
10 Kuna (10th Anniversary) 126×63 mm Green-Brown Bishop Juraj Dobrila The Pula Arena and Motovun town layout. 24 May 2004 30 May 2004
20 Kuna (20th Anniversary) 130x65 mm Red Ban Josip Jelačić The Eltz Manor in Vukovar and
the Vučedol Dove.
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

Euro exchange rate to Croatian kuna
Euro exchange rate to Croatian kuna
Current HRK exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

  1. ^ a b c "CONSUMER PRICE INDICES, AUGUST 2018" (Press release). Croatian Bureau of Statistics. 14 September 2018. Retrieved 2019-01-12.
  2. ^ Brozović, Dalibor. "History of Croatian money". Retrieved 2011-01-01. - Excerpts from the book Kune and lipe - Currency of the Republic of Croatia, Zagreb, Croatian National Bank
  3. ^ Povijest hrvatskog novca, Section 3 Archived October 22, 2006, at the Wayback Machine, Croatian National Bank compilation from multiple sources
  4. ^ a b "Prvi novac - Povijest hrvatskog novca - Kraljevina SHS i Nezavisna Država Hrvatska" (in Croatian). Croatian National Bank. Archived from the original on 2003-04-21. Retrieved 2011-01-01.
  5. ^ Granic 2008, p. 100.
  6. ^ a b c Milinović, Ante (2001). "Bogatstvo likovne simbolike hrvatskoga novca" [The rich visual symbolism of Croatian currency]. Croatian Emigrant Almanac (in Croatian). Croatian Heritage Foundation. Archived from the original on 2011-05-21. Retrieved 2011-01-01.
  7. ^ a b Croatian Government and Croatian National Bank decisions published in Narodne novine 37/94 [1][2][3][4]
  8. ^ "Monetary policy and ERM II participation on the path to the euro". Speech by Lucas Papademos, Vice President of the ECB at the tenth Dubrovnik economic conference, in Dubrovnik. European Central Bank. 2004-06-25.
  9. ^ a b "Vujčić: uvođenje eura dvije, tri godine nakon ulaska u EU". Poslovni dnevnik (in Croatian). HINA. 1 July 2006. Retrieved 2011-01-01. statements made by Boris Vujčić, deputy governor of the Croatian National Bank, at the Dubrovnik economic conference, June 2006
  10. ^ "Kuna lipa - Croatian portal for numismatics" (in Croatian). Retrieved 2013-02-24.
  11. ^ a b "Otkrivamo: Trgovci zarade 2 milijuna kn godišnje ne vraćajući 1 lipu". Večernji list (in Croatian). 20 April 2015. Retrieved 20 February 2017.
  12. ^ "Zadnja 1 lipa iz 2009., izrada tisuću komada 7,7 puta skuplja od vrijednosti". Glas Slavonije (in Croatian). 7 September 2015. Retrieved 2017-02-20.
  13. ^ a b Croatian National Bank. Available at: "Archived copy". Archived from the original on 2012-01-12. Retrieved 2012-01-12.CS1 maint: Archived copy as title (link)
  14. ^ "Features of Kuna Banknotes". Croatian National Bank. 29 May 2014. Archived from the original on 5 July 2014. Retrieved 23 June 2015.
  15. ^ "Invalid banknotes - HNB". Hnb.hr. Retrieved 26 November 2017.
  16. ^ "Banknotes - HNB". Hnb.hr. Retrieved 26 November 2017.
  17. ^ "Archived copy". Archived from the original on 2013-07-03. Retrieved 2013-07-05.CS1 maint: Archived copy as title (link)

Bibliography

Further reading

External links

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