Pursuant to the provisions of Article 63, paragraphs 1 and 2 of the Act on the Introduction of the Euro as the Official Currency in the Republic of Croatia (Official Gazette 57/22) and the Regulation on Informing Clients of Financial Service Providers about the Introduction of the Euro as the Official Currency of the Republic of Croatia of 29 July 2022, the Management Board of Adriatic Zagreb Factoring d.o.o., A. Žaje 61, Zagreb, OIB: 36856583241, represented by the President of the Management Board, Mato Marić, on 17 August 2022 adopts and publishes on its website and in a printed public medium available in the territory of the Republic of Croatia the following:
Client Announcement
On 21 July 2022, the Government of the Republic of Croatia adopted the Decision on the Publication of the Introduction of the Euro as the Official Currency in the Republic of Croatia (Official Gazette 85/22), given that the Council of the European Union on 12 July 2022 adopted Council Decision (EU) 2022/1211 of 12 July 2022 on the adoption of the euro in Croatia as of 1 January 2023, which determined that the Republic of Croatia meets all the necessary conditions for the introduction of the euro as the official currency. Consequently, the euro will become the official monetary unit and legal means of payment in the Republic of Croatia on 1 January 2023.
The fixed conversion rate has been set at 7.53450 kuna for one euro.
The dual circulation period shall run from 1 January 2023 at 00:00 hours until 14 January 2023 at 24:00 hours.
The mandatory dual display period shall run from 5 September 2022 at 00:00 hours until 31 December 2023 at 24:00 hours.
General Rules of Conversion
Conversion shall be carried out by applying the full numerical amount of the fixed conversion rate and rounding the obtained amount in accordance with the mathematical rules of rounding, whereby the obtained result shall be rounded as follows:
– if the third decimal place is less than five, the second decimal place remains unchanged. – if the third decimal place is equal to or greater than five, the second decimal place shall be increased by one. The rules for conversion and rounding from this Article and Article 14 of this Act shall also apply to the conversion of prices and monetary values as provided for in this Act. All conversions for its clients shall be carried out by Adriatic Zagreb Factoring d.o.o. by applying the fixed conversion rate in accordance with the rules for conversion and rounding.General Impact of Conversion on Clients’ Rights and Obligations Arising from Contractual Relationships
With regard to existing concluded contracts, the principle of continuity shall apply, meaning that the introduction of the euro as the official currency does not terminate such contracts, but the contractual provisions of each individual contract shall remain in force.
The currency replacement shall not result in any changes to the contractual rights and obligations, nor to the characteristics of any existing contractual relationship.
Individual Notification to Clients After Conversion
Adriatic Zagreb Factoring d.o.o. shall, no later than 30 days after the date of the introduction of the euro, send to its clients an individual notification containing information on the balance of the individual account and any changes to the terms of business that may arise for the client as a result of the conversion, if such changes occur, all in accordance with Article 63 of the Act on the Introduction of the Euro as the Official Currency of the Republic of Croatia.
Adriatic Zagreb Factoring d.o.o. is not a signatory to the Code of Ethics for the Introduction of the Euro as the Official Currency of the Republic of Croatia, given that it does not operate in a direct relationship with consumers.Contact us
Adriatic Zagreb Factoring d.o.o.'s purpose is to satisfy the short term financing needs of its clients by providing them with innovative solutions that fit their individual demands.