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Press Releases

03/08/11

Government comments on central bank's decision on business project financing



ZAGREB, March 9 (Hina) - The government said in a statement on Tuesday that in principle it welcomed central bank governor Zeljko Rohatinski's decision under which the banking sector received about HRK 6.3 billion for financing business projects, notably for investments in the manufacturing industry and tourism.

The government in particularly welcomed the contribution such a decision would give to its efforts to reduce interest rates.

However, the government said the Croatian National Bank's decision was surprising given that it was adopted in consultation only with employers and banks, and given the selective approach to release funds for specific economic projects.

Still, if such a decision and the process of its adoption represent a change in the central bank's positions and its active involvement in boosting economic growth, the government welcomes the bank's willingness to finally use monetary policy instruments to that end, the statement said.

The government also said that about HRK 2.5 billion was released for business projects under model A last year and that the central bank was fully involved in defining said model, which was intended for financing business projects.