Central bank intervenes in currency market
The National Bank of Serbia (NBS) Thursday sold EUR 4mn in the inter-banking foreign currency market.
Thursday, 29.11.2007.
18:09
The National Bank of Serbia (NBS) Thursday sold EUR 4mn in the inter-banking foreign currency market. The move came in a bid to prevent extensive exchange rate fluctuations and to secure normal functioning of the market, the NBS says. Central bank intervenes in currency market The announcement came only days after the central bank said it would not intervene and kept its key policy rate unchanged at 9.5 percent. Over the past few days, the NBS has been carefully monitoring developments in the extremely volatile foreign currency market. A statement from the central bank concluded that its intervention was not needed until today, when it reacted "by selling a very modest sum of EUR 4mn." The NBS also stressed that it does not set either the levels or the limits of foreign exchange rates, but that it uses the interest rates to influence the rate of inflation. Today, the mean exchange rate of the dinar (RSD) against the euro was RSD 83.654 = EUR 1. On Oct. 29, the dinar achieved the record value of RSD 76.8093 = EUR 1, after which the value of the domestic currency dropped against the euro.
Central bank intervenes in currency market
The announcement came only days after the central bank said it would not intervene and kept its key policy rate unchanged at 9.5 percent.Over the past few days, the NBS has been carefully monitoring developments in the extremely volatile foreign currency market. A statement from the central bank concluded that its intervention was not needed until today, when it reacted "by selling a very modest sum of EUR 4mn."
The NBS also stressed that it does not set either the levels or the limits of foreign exchange rates, but that it uses the interest rates to influence the rate of inflation.
Today, the mean exchange rate of the dinar (RSD) against the euro was RSD 83.654 = EUR 1.
On Oct. 29, the dinar achieved the record value of RSD 76.8093 = EUR 1, after which the value of the domestic currency dropped against the euro.
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