CURRENT AFFAIRS

Detailed explanation-1: -Croatia has been a member of the European Union since 1 July 2013. On 12 July 2022 the Council of the European Union approved the accession of Croatia to the euro area on 1 January 2023 and determined the conversion rate for the Croatian kuna.

Detailed explanation-2: -The latest country to join the euro area (also referred to as ‘eurozone’) was Croatia, which introduced the common currency on 1 January 2023. The euro was introduced as an accounting currency in 11 member states on 1 January 1999.

Detailed explanation-3: -On the first of January 2023, Croatia became the 20th country to join the eurozone. The kuna, the local currency, has been replaced by the euro. With the single currency, the country hopes to make its economy stronger and more stable, and to improve the standard of living of its inhabitants.

Detailed explanation-4: -Croatia will join the eurozone on January 1, 2023 as the currency bloc’s 20th member. With the onset of the new year in a few hours, Croatia will adopt the euro currency and enter Europe’s passport-free Schengen zone after nearly a decade since joining the European Union.

Detailed explanation-5: -Bank of America FX strategists told the firm’s clients in a recent note that they expect the EUR to strengthen against the dollar in 2023. “We expect EURUSD to strengthen to 1.10 by end-2022 and to 1.15 in 2024, towards its long-term equilibrium, but with many risks.