Only a small number of the existing 1,100 money exchange offices in Croatia will continue operating after the country changes over to the euro on 1 January 2023, a state secretary at the Ministry of Finance said in Parliament on Tuesday.

“Presumably, only a small number of entities will be interested in money exchange business,” state secretary Zdravko Zrinusic said while presenting a proposal to amend the Foreign Exchange Act.

He said that money exchange services will be provided by hotels and similar companies.

About 1,100 licensed money exchange offices earn about HRK 30 billion (€40bn) in total annual revenue, with kuna-to-euro exchange transactions accounting for 93.8 per cent of their turnover. It is assumed that they will not be interested in continuing their operation to exchange other currencies.