Croatia adopts Euro currency, also included in Europe's free passport club

Tags: International News

On January 1, 2023, Croatia adopted the euro currency and also joined Europe's free passport club (Schengen area), nearly a decade after joining the European Union.

Important facts

• On January 1, 2023, Croatia with a population of about 4 million said goodbye to its Kuna currency and became the 20th member of the Eurozone.

• It will be the 27th country in the world's largest passport-free Schengen zone, which enables more than 400 million people to move freely within its member states.

• Adoption of the euro will help Croatia's economy at a time when global inflation has been rising since Russia's invasion of Ukraine in February 2022, which has pushed up fuel and food prices.

• It will also boost Croatia's major tourism industry, which accounts for 20 percent of its gross domestic product (GDP).

• The Eurozone consists of 19 members of the European Union (EU), which uses the Euro as their official currency.

What is the Schengen Zone?

• The border-free Schengen Area guarantees visa-free movement for over 400 million EU citizens, as well as tourists, students living in the EU and visiting the EU.

• Free movement of persons enables every EU citizen to travel, work and live in an EU country without special formalities. 

• The Schengen provision eliminates checking at the EU's internal borders, while providing a set of rules for controls at external borders.

About Croatia 

• Croatia is a country located in the northwestern part of the Balkan Peninsula.

• Prime Minister: Andrej Plenković

• President: Zoran Milanović

• Capital: Zagreb

• Currency :euro