At its session today, the Croatian National Bank Council examined recent economic and monetary developments and adopted several decisions on matters falling within its competence. 

In the second quarter of 2016, real GDP rose by 0.5% from the previous quarter. Monthly indicators for the beginning of the second half of the year point to further economic growth of similar intensity.  The Croatian National Bank continued to pursue an expansionary monetary policy, conducting the third structural repo operation. Against the backdrop of high kuna and foreign exchange liquidity, the government was able to obtain the planned funds on the domestic market under favourable terms. Credit activity towards other domestic sectors also recovered: in the first seven months, total placements rose by 1.5%, spurred by faster corporate as well as household lending. Cash fiscal data suggest favourable fiscal developments in April and May.

At this session, CNB Council members approved the decisions of the supervisory boards of three credit institutions on new appointments or reappointments to their management boards: Irena Weber has been appointed Management Board Member of KentBank d.d., Zagreb, Darko Drozdek has been reappointed for another term as Management Board Member of Privredna banka Zagreb d.d., Zagreb and Yves Lallemand has been appointed President of the Management Board of Société Générale-Splitska banka d.d., Split. 

The Council granted approval to Primorska banka d.d., Rijeka for the provision of the investment service of underwriting of financial instruments and/or placing of financial instruments without a firm commitment basis.