NBS head urges control over public spending
National Bank of Serbia (NBS) Governor Radovan Jelašić says that the monetary policy will continue to be restrictive.
Friday, 16.11.2007.
18:07
National Bank of Serbia (NBS) Governor Radovan Jelasic says that the monetary policy will continue to be restrictive. Jelasic told reporters in Belgrade Friday that this will result in a strong national currency, due to which obligatory bank deposit reserves will not go down. NBS head urges control over public spending "The restrictive monetary policy is conditioned by the fiscal policy," he explained, and added that the key requirement for microeconomic stability in 2008 will be for the government to stick to the planned volume of public spending. The governor pointed out that the NBS guarantees stability of prices, but that risks exist that could lead to inflation. Jelasic said this year's base inflation, related to those prices that form freely, will reach 4.5 percent, thus achieving the goal the central bank set for itself for 2007, while its plans for next year envisage the figure to be at between three and six percent. "By maintaining stability of prices, which is the NBS' legal obligation, we at the same time support the Serbian government," Jelasic said. He added that the dinar exchange rate was set by currency offer and demand, and that it had no significant impact on the country's trade deficit. Experts have for a while warned that the strong dinar was artificially sustained, and that it reflected negatively on exporters. But Jelasic claims that the largest exporters come from the ranks of privatized and restructured companies, concluding that a rise in exports "can only be achieved with structural reforms." Radovan Jelasic in news conference Friday (Beta)
NBS head urges control over public spending
"The restrictive monetary policy is conditioned by the fiscal policy," he explained, and added that the key requirement for microeconomic stability in 2008 will be for the government to stick to the planned volume of public spending.The governor pointed out that the NBS guarantees stability of prices, but that risks exist that could lead to inflation.
Jelašić said this year's base inflation, related to those prices that form freely, will reach 4.5 percent, thus achieving the goal the central bank set for itself for 2007, while its plans for next year envisage the figure to be at between three and six percent.
"By maintaining stability of prices, which is the NBS' legal obligation, we at the same time support the Serbian government," Jelašić said.
He added that the dinar exchange rate was set by currency offer and demand, and that it had no significant impact on the country's trade deficit.
Experts have for a while warned that the strong dinar was artificially sustained, and that it reflected negatively on exporters.
But Jelašić claims that the largest exporters come from the ranks of privatized and restructured companies, concluding that a rise in exports "can only be achieved with structural reforms."
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