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.
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.
Croatia is a country located in the northwestern part of the Balkan Peninsula.
Prime Minister: Andrej Plenković
President: Zoran Milanović
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