Croatia's gross international reserves reached their all-time high of €25.6 billion at the end of January 2022, increasing by €5.9 billion or nearly 30% from January 2021, according to data from the Croatian Central Bank (HNB).

International reserves increased by €576 million, or 2.3%, from December 2021, and have continued to grow. On 25 February, they reached their new historically highest level of €26.3 billion.

All adequacy indicators of Croatia’s gross international reserves suggest that they are sufficient for the smooth running of the central bank’s monetary policy, analysts at Raiffeisenbank Austria (RBA) said in their comment on the HNB report.

This year, given that the current and capital account surplus might increase further, it can be expected that the HNB will also increase international reserves and create base money through foreign exchange transactions, RBA said.