At its session today, the Council of the Croatian National Bank examined the latest monetary and economic indicators, as well as a report on international reserve management in 2014, also issuing several decisions within its field of responsibility.
International reserves totalled EUR 12.7bn at the end of December 2014, a decrease of approximately EUR 219.9m (about 1.7%) from the end of the previous year. Net international reserves (which exclude reserve requirements, IMF's special drawing rights and MoF's foreign exchange funds) increased by EUR 141.1m (1.3%) in 2014, standing at EUR 10.7bn at the end of the year. In managing international reserves amid high uncertainty in global financial markets, the CNB paid increased attention to investment safety, accomplishing a good financial result despite an environment of very low and even negative deposit interest rates and markedly low and partly negative yields on other forms of safe investment.
Also adopted at this session was a report on the central bank's financial operation in 2014, showing a net income of HRK 2.7bn. According to law, once net profit from the value adjustment of balance sheet items to changes in the exchange rate and market prices is excluded, HRK 516.3m will be transferred to the government budget and the remaining amount will be allocated to central bank's general reserves.
The CNB Council approved the proposal of the Supervisory Board of Podravska banka d.d., Koprivnica to extend the mandates of Julio Kuruc as Chairman and Davorka Jakir as Member of the Bank's Management Board. Approval was also given to the appointment of Danijel Unger and Goran Varat as Members of the Bank's Management Board.
The CNB Council decided to release into circulation kuna and lipa coins with the minting year 2015.