Croatia Considers Ante Zigman for Central Bank Governor
0h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
croatiacentral-bank
Fazen Markets Editorial Desk
Collective editorial team · methodology
Trades XAUUSD 24/5 on autopilot. Verified Myfxbook performance. Free forever.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. Vortex HFT is informational software — not investment advice. Past performance does not guarantee future results.
Croatia is seriously considering Ante Zigman as the next governor of the Croatian National Bank (HNB), according to a person familiar with the government’s deliberations. The potential appointment, reported on 26 May 2026, would place a new official at the helm of the eurozone’s newest member state. The HNB governs monetary policy for an economy with a nominal GDP of approximately 80 billion USD. Zigman’s selection would mark a significant personnel shift for the institution responsible for maintaining price stability and supervising the nation’s financial sector.
The current HNB governor, Boris Vujčić, has held the position since 2012 and oversaw Croatia’s accession to the eurozone on 1 January 2023. His tenure was defined by navigating the European Central Bank’s monetary policy framework while managing domestic inflation. The last major central bank leadership change in the region occurred when Poland’s central bank governor Adam Glapiński was reappointed in 2022 amid controversy over monetary policy during high inflation.
Croatia’s consumer price inflation has moderated to 2.8% as of the latest reading, aligning closely with the eurozone average. The ECB’s main refinancing operations rate stands at 3.75%, creating a stable but tight monetary environment. The search for a new governor coincides with Croatia’s full integration into European banking union mechanisms, increasing the role’s importance.
The trigger for this potential change is the conclusion of Governor Vujčić’s term. The Croatian government must submit its candidate for approval to the European Central Bank’s governing council. This process ensures the candidate possesses the technical competence and independence required for the role.
The Croatian National Bank manages foreign currency reserves totaling 26.5 billion EUR as of April 2026. These reserves provide crucial support for the nation’s financial stability and its fixed exchange rate regime within the eurosystem.
Croatia’s banking sector assets under HNB supervision exceed 55 billion EUR. The sector is dominated by international banking groups, with Intesa Sanpaolo and Zagrebačka banka holding combined assets of over 20 billion EUR. The average capital adequacy ratio for Croatian banks stands at 21.4%, significantly above the EU average of 16.2%.
The HNB’s key interest rate is the ECB’s deposit facility rate, currently at 3.75%. This rate directly influences lending rates throughout Croatia’s economy. The country’s 10-year government bond yield trades at 2.95%, approximately 45 basis points above the German bund benchmark of 2.50%.
| Metric | Croatia | Eurozone Average |
|---|---|---|
| Inflation Rate | 2.8% | 2.6% |
| 10Y Govt Bond Yield | 2.95% | 2.70% |
| Bank Capital Adequacy | 21.4% | 16.2% |
A Zigman governorship would likely signal policy continuity, a net positive for Croatian government bonds (ticker: CROATI). The yield spread to German bunds could tighten by 10-15 basis points on appointment confirmation. Domestic banking stocks, particularly the Zagreb Stock Exchange-listed shares of Zagrebačka banka (ZABA), would benefit from regulatory predictability.
The main risk to this view is any perceived deviation from the orthodox eurosystem policy consensus. A governor viewed as overly political could trigger a reassessment of country risk, potentially widening bond spreads. This scenario remains unlikely given the ECB’s approval requirement for the candidate.
Institutional flow is likely to remain neutral pending official confirmation. Local fixed-income desks may position for spread compression ahead of the announcement. International investors await clarity on the new governor’s technical background and published research.
The official nomination by the Croatian government is the immediate catalyst, expected by mid-June 2026. Following nomination, the European Central Bank’s non-objection is required, a process that typically takes several weeks.
Market participants should monitor the 10-year Croatian government bond yield, with a key technical support level at 2.85%. A break below this level would signal strong market endorsement of the candidate.
The next ECB monetary policy meeting on 9 July 2026 will be the first major decision event for the potential new governor. The HNB’s next financial stability report, due 30 July 2026, will provide the first insight into the new leadership’s supervisory priorities.
Boris Vujčić has served as the governor of the Croatian National Bank since 2012. His tenure is notable for overseeing Croatia’s entry into the Exchange Rate Mechanism II in 2020 and its full adoption of the euro as official currency in 2023, replacing the kuna.
As a eurozone member, Croatia’s monetary policy is set by the European Central Bank’s Governing Council, on which the Croatian National Bank governor sits. The HNB implements ECB policy and retains responsibility for national banking supervision, financial stability, and reserve management.
For smaller eurozone economies like Croatia, a central bank governor change typically has negligible direct impact on the euro’s external value (EUR/USD). The primary effect is on that country’s sovereign risk premium and banking sector valuations, as the governor influences national supervisory practices.
Ante Zigman’s potential appointment suggests continuity in Croatia’s orthodox monetary policy framework.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
Vortex HFT is our free MT4/MT5 Expert Advisor. Verified Myfxbook performance. No subscription. No fees. Trades 24/5.
Position yourself for the macro moves discussed above
Start TradingSponsored
Open a demo account in 30 seconds. No deposit required.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.