Croatian commercial banks will face many challenges in 2022 and will have to invest between €80mn and €100mn to adjust their IT systems to the adoption of the euro, Zdenko Adrovic, head of the Croatian Banking Association (HUB), said on September 30.
Croatia is preparing to adopt the single European currency and the government hopes it will join the Eurozone at the beginning of 2023.
“The banking and non-banking financial sector will play a major role in the post [coronavirus] COVID-19 period. We are facing a number of challenges, especially next year. One of the major challenges that banks have to face is the process of adapting the IT system for the introduction of the euro as the official currency,” Adrovic said as quoted in a statement from HUB.
Croatia will start test production of euro coins with national motifs by the end of 2021. Earlier in September, the European Commission and euro area member states signed a memorandum of understanding with Croatia that would allow the country to start producing euro coins when it receives the green light to join the euro area.