Croatian Kuna - HRK

Following the self-proclaimed independence of Croatia toward the Federal Socialist Republic of Yugoslavia in 1999, the Kuna (HRK) was established as the monetary unity of Croatia in May 1994 to replace the Yugoslavian dinar (on the basis 1 kuna = 1000 dinar).

The choice of the name that corresponded to an exchange currency briefly known in Middle-Ages, was quite controversial as the pro-nazi and fascist government (the “oustachis”’s one) had yet called “Kuna” the currency introduced in Croatia from 1941 to 1945.

At least the Croatian Kuna kept this name, and the links with the Deutsche Mark (The German currency before the Euro), that were present since the beginning, were between the Kuna and the single European currency as the fluctuations of the Kuna in relation with the Euro are strictly controlled by the Central Bank of Croatia. 

So, since 2005, we have observed maximum fluctuation amplitude of +/-4% of the Kuna against the Euro, with exchange values between EUR/HRK = 7,20 and EUR/HRK = 7,42 between April 2005 and February 2008.

Then, the Euro lost ground against the Kuna until September 2008 (EUR/HRK = 7,1015), then it re-appreciated to the higher EUR/HRK=7.5050 reached in February 2009 after the strong world financial instability of the Fall of 2008.

With a parity EUR/HRK = 7,3110 b at the end of November 2009, the Accession Process to the European Union of Croatia is still going on (Croatia was a candidate in 2003) and this country could (even before its accession to the EU) join the ERM II (Exchange Rate Mechanism II) system which brings together convergence criterion of the European economies and currencies that are previous to join the Euro area.