Gross international reserves held by the Croatian National Bank (HNB) reached €18.6 billion at the end of 2019, increasing by 6.4% from 2018, the central bank says.

The latest figures show that the gross international reserves continued to increase in January 2020 as well, reaching €19.1 billion.

The increase is the result of a higher level of repo transactions agreed and the purchase of foreign currency from the state, analysts at Raiffeisen bank say. They expect the gross international reserves to exceed €20 billion this year, partly as a result of new euro-bond issues on international capital markets.

The HNB’s total assets stood at HRK 144.5 billion at the end of last year, up by HRK 11.1 billion or 8.3% from 2018. Foreign currency assets accounted for nearly 99% of total assets, reaching HRK 142.6 billion in December 2019, up by HRK 11.2 billion or 8.6% compared with the end of 2018.

(€1 = HRK 7.45)