International reserves of the Republic of Croatia

Published: 9/9/2015 Modified: 30/1/2016
The Croatian National Bank manages the international reserves of the Republic of Croatia. The Council of the Croatian National Bank formulates the strategy and policy for international reserves management.

International reserves are foreign assets that are readily available to and controlled by monetary authorities. They may include foreign means of payment in cash, foreign currency deposits with banks, foreign securities, gold and special drawing rights of the International Monetary Fund. The Croatian National Bank manages the international reserves of the Republic of Croatia. The Council of the Croatian National Bank formulates the strategy and policy for international reserves management.

According to the definition of the International Monetary Fund, a country's international reserves refer to "...those external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances, for indirectly regulating the magnitudes of such imbalances through intervention in exchange markets to affect the currency exchange rate, and/or for other purposes". International reserves may include foreign means of payment in cash, foreign currency deposits with banks, foreign securities and special drawing rights of the International Monetary Fund.

In accordance with Article 18 of the Act on the Croatian National Bank, the foreign reserves of the Republic of Croatia shall comprise:

  • gold, other precious metals and precious stones held by the Croatian National Bank or by a third person for the account of the Croatian National Bank;
  • banknotes and coins in a convertible foreign currency held by the Croatian National Bank or by a third person for the account of the Croatian National Bank;
  • credit balances payable in a convertible foreign currency that are held in the Croatian National Bank accounts with foreign central banks, international financial institutions or credit institutions;
  • the total amount of SDRs held by the Croatian National Bank with the International Monetary Fund;
  • bills of exchange, certificates of deposit, bonds and other debt securities held by the Croatian National Bank or by a third person for the account of the Croatian National Bank, that are payable in convertible currencies of obligors;
  • forward purchase or repurchase agreements entered into by the Croatian National Bank with or guaranteed by other central banks, credit or financial institutions with head offices outside the Republic of Croatia or international financial institutions, and forward and option agreements entered into by the Croatian National Bank with parties, providing for payment in a convertible foreign currency; and
  • other assets that may, by nature of their contents and significance, be seen as equivalent to the assets under the above items.