Macroeconomic Forecast Croatia

June 2007 | Macroeconomic Forecasts

BMI View: Croatia's foreign reserves rose to US$11.5bn by December 2006, equivalent to around 5.6 months of import cover. This is an impressive accumulation, and gives the Croatian National Bank (CNB) ample scope to manage fluctuations in the foreign exchange markets. The CNB intervened thirteen times in 2006, chiefly to stem kuna gains, although we believe this year they will allow the unit greater scope to nominally strengthen. Our year-end forecast is HRK7.1500/EUR.

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