October 31, 2017 / 10:32 AM / in a year

Croatia cenbank to hold 5-yr repo auction next week

ZAGREB, Oct 31 (Reuters) - The Croatian central bank said on Tuesday it would hold a five-year repo auction next week at a fixed interest rate of 1.2 percent.

The auction will be held on Nov. 7. The maturity date for the loans will be Nov. 9, 2022.

It is the first central bank’s long-term repo auction this year. The previous one was held a year ago.

The central bank also holds occasionally a weekly reverse repo auctions to boost short-term liquidity, but demand has recently been low due to good liquidity.

The longer-term repo operations have been devised to encourage lending in the national kuna currency in a country where a vast majority of deposits and loans are denominated in euros.

Croatia said on Monday its goal was to adopt the euro within 7-8 years.

Reporting by Igor Ilic; Editing by Alison Williams

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