Six hundred kunas for one hundred euros (€100,00 ~ 750,00kn) has become a common amount that is obtained during the tourist season when converting money at the local exchange office. But with the arrival of the euro, the need for exchange offices will greatly decrease and many will close their doors, reports vijesti.hrt.hr.
Most of the nine hundred exchange offices operating in Croatia will have to think about another business model if they want to survive the introduction of the euro from January 1st.
– Exchangers who will try to work only with foreign exchange business will find it difficult to survive because 80, 90 percent of the turnover takes place around the purchase. Sale of euros without this turnover will make it difficult for them to survive – warns Sergi Gabor, president of the Association of Croatian Exchangers.
Financial experts believe that exchange offices can be transformed. Not all will be closed due to the demand for digital money and savings in other currencies.
Earnings from tourists and commissions of more than 10 percent are going down. Also, the Association of Money Changers is considering closing down due to the introduction of the euro.
Read the full article HERE.