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Croatian gov't to freeze Swiss franc exchange rate for a year

Xinhua, January 20, 2015 Adjust font size:

Croatian government has decided to freeze Swiss franc exchange rate against its currency for a year in order to help indebted citizens, Croatian Prime Minister Zoran Milanovic said on Monday.

The prime minister said at a press conference on Monday evening that Croatian government will help Croatian citizens having loans in Swiss francs (CHF).

Due to direct actions made by Swiss central bank, the CHF's value has appreciated by 17 percent against Croatian kuna (HRK) from Thursday, thus putting people with loans connected to CHF in unfavourable position.

Croatian government has decided to keep the exchange rate at 6.39 HRK for one CHF, as it was before its sudden rise on Thursday, for a year. At the moment one CHF is worth 7.66 HRK.

The total sum of loans connected to CHF in Croatia amount to around 3.6 billion U.S dollars, out of which 3.1 billion U.S. dollars are housing loans, representing 36.5 percent of all housing loans in Croatia.

It was reported that some 200,000 people are directly affected by CHF growth in Croatia, with a population of 4.2 million. Enditem