Factors of currency exposure in Croatia

Hrvatske banke i financijske institucije izložene su velikom broju tržišnih rizika. Ukoliko dođe do promjene tečaja domaće valute u odnosu na stranu valutu, dolazi do pojave valutnog rizika, koji je jedan od najznačajnijih rizika u poslovanju banaka i financijskih institucija, a tako se prevaljuje i na građanstvo putem odobrenih kredita s valutnom klauzulom, kroz pojavu valutno induciranog kreditnog rizika. Pravovremeno i pravilno upravljanje tim rizicima razlikuje profitabilne i uspješne od neprofitabilnih i neuspješnih banaka u Hrvatskoj. U radu je obrađena tema valutne izloženosti različitih subjekata u Republici Hrvatskoj, s naglaskom na bankarski sektor. Neki od čimbenika koji utječu na valutni rizik i valutnu izloženost u Hrvatskoj su i visoka razina inozemnog duga, nepovjerenje građana u domaću valutu zbog čega gračani prvenstveno štede u eurima što je dovelo do euroizacije hrvatskog gospodarstva, te koja je prisilila monetarnu politiku da „brani“ tečaj, zbog čega je ona izgubila svoj razvojni karakter. Da bi se to reguliralo, donesene su različite mjere o ograničavanju izloženosti institucija valutnom riziku, te postoje različiti načini kojima se mjeri i upravlja valutnim rizikom kako bi se što više potaknuo gospodarski rast i smanjile makroekonomske neravnoteže.Croatian banks and financial institutions are constantly exposed to a numerous market risks. In case of change of the domestic currency against the foreign currency, the problem of currency risk is raised up, which is one of the most significant risks in banks and financial institutions and so it effects general public through given loans with currency clause, which leads to appearance of currency induced credit risk. Adequate management of those risks differs profitable and successful from unsuccessful of unprofitable banks in Croatia. This paper studies the issue of currency exposure of all subjects in the Republic of Croatia, with a focus on the banking sector. Some of factors that influence the currency risk and currency exposure in Croatia are: high level of external debt, the lack of confidence of citizens in the local currency, (primarily due to the fact that most citizens save their money in euros, which has led to the euroization of the Croatian economy and that monetary policy is forced to "defend" course, which is why it has lost its character development). In order to regulate mentioned situation, different measures for limitation of exposure to currency risk institutions are adopted, and there are different ways to measure and to manage currency risk in order to encourage economic growth and reduce macroeconomic imbalances