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| Headquarters | Trg hrvatskih velikana 3, Zagreb, Croatia |
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| Coordinates | 45°48′44″N15°59′03″E / 45.81222°N 15.98417°E /45.81222; 15.98417 |
| Established | 21 December 1990 |
| Ownership | 100%state ownership[1] |
| Governor | Boris Vujčić |
| Central bank of | Croatia |
| Reserves | $14.54 billion[1] |
| Website | www |
| The Croatian National Bank still exists. However, monetary policy is now handled by the ECB. | |
TheCroatian National Bank (Croatian:Hrvatska narodna banka;pronounced[xř̩ʋaːtskaːnǎːrodnaːbâːŋka]), known until 1997 as theNational Bank of Croatia (Croatian:Narodna banka Hrvatske), is thenational central bank forCroatia within theEurosystem. Originally established in 1972 under the decentralization of theNational Bank of Yugoslavia, it became a fully-fledgedcentral bank in late 1991 with theindependence of Croatia, and was subsequently the Croatian central bank until 2022, issuing theCroatian dinar until 1994 and subsequently theCroatian kuna untilCroatian adoption of the euro on 1 January 2023. The CNB's role was specified by theConstitution of Croatia which was passed by theParliament of Croatia on 21 December 1990. In performing its duties, the CNB acts as an independent institution responsible to the Parliament.
The acronym for the National Bank in Croatian, as used in their logo, isHNB. The Bank uses the English-language acronymCNB in its publications in English.[2]
In addition to its monetary role, the Croatian National Bank is also afinancial supervisory authority. In that capacity, it increasingly implements policies set at theEuropean Union level. It has been the national competent authority for Croatia withinEuropean Banking Supervision since 2020.[3] It is a voting member of the Board of Supervisors of theEuropean Banking Authority (EBA).[4] It is Croatia's designatedNational Resolution Authority and plenary session member of theSingle Resolution Board (SRB).[5] It provides the permanent single common representative for Croatia in the Supervisory composition of the General Board of theAnti-Money Laundering Authority (AMLA).[6] It is also a member of theEuropean Systemic Risk Board (ESRB).[7]
On 21 December 1990, theConstitution of Croatia, determined in article 53,[8] named the National Bank as Croatia's central bank, and declared its responsibilities: "The National Bank is central bank of Republic of Croatia. The National Bank is responsible, within its rights and duties, for stability of the currency and for liquidity of payments in state and abroad. The National Bank is independent in its activity and responsible toCroatian Sabor. Profits made by National Bank belong to Croatian state budget. The position of the National Bank is established by law." In accordance with that provision, the National Bank was established under Croatian Law by Government Regulation of 23 December 1991, a provisional act made permanent by legislation of November 1992.[2]: 5
In June 1995, even before theCroatian War of Independence had come to an end, the National Bank organized the first Dubrovnik Economic Conference (DEC), an annual event that has been held without interruption since then, including in 2020 during theCOVID-19 pandemic.[2]: 9
By amendments of Constitution of Croatia in 1997, the Bank's earlier nameNational Bank of Croatia (Croatian:Narodna banka Hrvatske) was changed toCroatian National Bank (Croatian:Hrvatska narodna banka).[2]: 6 Also in 1997, the CNB became a full member of theBank for International Settlements;[2]: 10 Banking sector restructuring occurred throughout the 1990s, culminating in the resignation of all members of the CNB's Council led by GovernorMarko Škreb in July 2000 in response to the Croatian Parliament's refusal to accept its report for 1998 and the first half of 1999.[2]: 11
Boris Vujčić joined the National Bank as head of its Research Department in 1996, became its Deputy Governor in 2000, and assumed the role of Governor in 2012.[2]: 35
The Croatian National Bank is the central bank of the Republic of Croatia and part of the European System of Central Banks. The primary objective of the CNB is maintaining price stability and the stability of the financial system as a whole. The Croatian National Bank executes monetary policy, manages international reserves of the Republic of Croatia, issues the Croatian currency - the kuna, issues authorisations of credit institutions, credit unions, payment institutions and electronic money institutions and supervises their operation. The CNB also issues authorisations of authorised exchange offices.
The Croatian National Bank is autonomous and independent in achieving its objective and carrying out its tasks. The CNB reports on its work to the Croatian Parliament.
The independence of the central bank is a key precondition for a successful and credible implementation of monetary policy and for the achievement of the main objective of the central bank - maintenance of price stability.
The independence of the Croatian National Bank is in accordance with Article 130 of the Treaty on European Union, which guarantees the independence of national central banks of the European Union. There are several aspects of central bank independence: functional, institutional, personal and financial. Functional independence implies a clearly defined objective and autonomy in the choice of measures and instruments for its realisation. Institutional independence means that central bank decisions are independent from the influence of other institutions. Personal independence guarantees the protection of CNB officials from external pressures, excludes conflicts of interest and precisely defines the conditions for the appointment and removal from office of the Governor and other members of the CNB Council. Financial independence implies the possibility for the CNB to autonomously obtain funds for the purpose of executing its mandate, with the income and expense determined by the monetary policy stance.
Stable prices is the main criteria for monetary stability. Stable prices are maintained by making sure price increases meet the Government's inflation target.[9]
Maintaining financial stability involves protecting against threats to the whole financial system. Threats are detected by the Bank's surveillance and market intelligence functions. The threats are then dealt with through financial and other operations. The Bank works together with other institutions to secure both monetary and financial stability.[9]
The seat of the CNB in centralZagreb, designed by architectViktor Kovačić, was erected for the Zagreb Stock and Commodity Exchange and inaugurated in 1927. It has been used by theNational Bank of Yugoslavia, then by the National Bank of Croatia since the end ofWorld War II.[2]
National Bank of Croatia from its founding until December 1991 functioned as subsidiary ofNational Bank of Yugoslavia.
| No. | Name | Term Start | Term End | Notes |
|---|---|---|---|---|
| — | Isak Drutter | 1 January 1972 | 23 January 1978 | Subsidiary Governor |
| — | Jovo Galić | 24 January 1978 | 23 August 1990 | Last Governor under the Yugoslav central banking system. |
| No. | Name | Term Start | Term End | Notes |
|---|---|---|---|---|
| 1 | Ante Čičin-Šain | 24 August 1990 | 31 May 1992 | First Governor of the independent bank; introduced theCroatian dinar. |
| 2 | Pero Jurković | 1 June 1992 | 29 February 1996 | Overseer of the introduction of theCroatian kuna in 1994. |
| No. | Name | Term Start | Term End | Notes |
|---|---|---|---|---|
| 3 | Marko Škreb | 1 March 1996 | 11 July 2000 | Led the bank during the official name change to HNB in 1997. |
| 4 | Željko Rohatinski | 12 July 2000 | 7 July 2012 | Longest-serving Governor (two terms). |
| 5 | Boris Vujčić | 8 July 2012 | Incumbent | Nominated asECB Vice-President (set for 1 June 2026). |
(in Croatian)45°48′44″N15°59′03″E / 45.81222°N 15.98417°E /45.81222; 15.98417
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