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Croatia Central Bank refrains from asking IMF assitance

April 27, 2009

Central Bank of Croatia Governor Zeljko Rohatinski said that Croatia has no need for an IMF loan. In an interview during the IMF and World Bank's spring meetings, the governor said, "At this moment the official statement by the Croatian central bank and the government is that we don't need a stand-by agreement with the IMF,". "That's because the financial system is stable and I believe that it will remain stable. The essential issue is appropriate fiscal policy and we shall be able to conduct such a policy."

"Both are in foreign ownership and it is in the interest of their creditors is to avoid the withdrawal of capital from Croatia," Rohatinski said. The key interest rate of Croatia has been at 9 percent since the end of 2007.

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