Croatian National Bank - Annual Report 2003

The Croatian National Bank has published its Annual Report for the year ended 2003. In 2003, the Croatian economy recorded solid economic growth and low inflation, according to the report.

However, large current account and fiscal deficits, and a sharp rise in the country's external debt, posed important challenges to policy makers.

The central bank responded to these challenges with policies aimed at slowing down credit growth, which had reached the very high rate of 30% in 2002. The central bank

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