Kuna – The Croatian Currency

Croatia Will Become the 20th European State to Introduce The Euro

Kuna is still a Croatian currency, just not for too long. The country plans to introduce the Euro as its official currency in January 2023. It will become the 20th European state to do so. All future visitors will no longer need to exchange their money for kuna. Croatia is proud of its cultural quirks. The Croatian currency is no exception. If you wonder about the word kuna I am happy to report that in Croatian it represents a furry little marten. Don’t worry, these days we don’t walk around with weasel-like pets, but we do like to keep things historic. And symbolic. Initially, Croats used the fur and marten pelts in medieval trading as payment as it was a pretty stable currency back then.

”When you ain’t got nothing, you got nothing to lose”.

In the ’90s there were a few ideas about the name for the Croatian currency. The opposition suggested the crown (Kruna). Due to the strained political and historical background of the 19th century oppressive Hungarian Union, the Croatian first president favored the name kuna. Croatian currency was introduced on May 30th, 1994.

 The front side of the 50 kuna banknote depicts a portrait of Ivan Gundulić, born in Dubrovnik. He was a wealthy noble 18. century poet. His well-known piece is a poem – Osman. A tale about contrasts between Christianity and Islam, Europe and Turks, West and East, and his thoughts about freedom and slavery.

The backside shows a 15-century Renaissance Rector’s Palace. Dubrovnik’s seat of the government during its independence. Croatian coins are even more fascinating. The lowest denomination coins got the name after a linden tree. The sculptor Kuzma Kovačić is the author of various symbols on Croatian coins. They bear the symbol of animals and plants; just to name a few, we have the grapevine, the common oak, olive tree, nightingale, tuna, and a bear.

We certainly do not know what the future holds for us nevertheless we always get to quote the Governor of the Croatian National Bank, Mr. Vujčić. He made an analogy about Croatia’s long-held euro-focused policy by quoting Bob Dylan’s song ”When you ain’t got nothing, you got nothing to lose”. 

Let us hope that January 2023. is a new beginning in our monetary policy and that it will not be detrimental to the Croatian economy. If your particular interests are in the economy, or political background of south eastern Europe join the A – team’s Private Politics & Religion Tour.

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