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How to prepare for the upcoming replacement of the Croatian kuna with the euro?
24 Mar, 2022
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How to prepare for the upcoming replacement of the Croatian kuna with the euro?
In the Republic of Croatia, the euro will become a legal tender on January 1, 2023. The obligation to display prices twice (in kunas and euros) will begin in September 2022 and last until the end of 2023. The dual-price display will last for about 16 months. During this time, prices must be displayed in euros and kuna in a clear, legible, visible, and easily discernible manner. The fixed conversion rate must also be highlighted. This way of displaying prices will have to be applied in every available way and through all available media (at points of sale, on the Internet, etc.).
In the picture below, we explain the 3rd stages, which represent the time frame of replacing the Croatian kuna with the euro.
Three stages of exchange of kuna with euro:
- 1st phase: September 2022 - mandatory display of dual prices (price in euros is informative)
- 2nd phase: 01.01.2023 - 31.12.2023. - euro primary currency (price in kunas is informative)
- 3rd phase: 01.01.2024. - complete transition to the euro
Until the euro's introduction on December 31, 2022, prices must be displayed in kuna (or HRK) more prominently than in euros. Once the euro becomes the primary currency, this will be reversed, with prices in euros being more prominently displayed.
This type of price statement will apply to store bills, price lists, and income reports, such as those on wage payments. Price lists must not contain any information that could confuse consumers in any way. Prices will be recalculated exclusively using the full numerical amount of the fixed conversion rate, i.e. all five decimal places (1 EUR=7.53450 HRK).
Your business should carry out a reconciliation of dual prices and with all provisions and rules of the transition to the euro.
Reach out to us to get a new website design. We can also update your price list to show prices in both kunas and euros on your website and during bookings. We are doing all this in the upcoming rulebook due to Croatia's entry into the European exchange rate mechanism.