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ZAGREB, Dec 13 (Reuters) - Croatia’s central bank said on Wednesday it bought 345.5 million euros ($405.82 million) from commercial banks on the local foreign exchange market to prevent appreciation pressures on the kuna currency.
It bought the euros at an average rate of 7.5605 kuna per euro. The kuna eased after the intervention to 7.5533 per euro at 1035 GMT, easing from around 7.53 before it.
“There were some mild appreciation pressures on the kuna and apparently the central bank wanted to act preventively,” a dealer at a major local bank said.
Another market participant, who asked not to be named, said that the central bank might have also wanted to give a boost to its own balance sheet at the end of the year.
This was the fifth central bank’s intervention this year to counter appreciation pressures on the kuna and the biggest one in volume. In those five interventions it altogether bought 947 million euros from commercial banks.
In October Croatia tentatively set a goal of adopting the euro within seven to eight years.
$1 = 0.8514 euros Reporting by Igor Ilic; Editing by Raissa Kasolowsky
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