"NBS fighting to maintain economic stability"

National Bank Governor Radovan Jelašić has told B92 radio that the NBS is fighting to maintain price stability.

Izvor: B92

Thursday, 06.03.2008.

16:16

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National Bank Governor Radovan Jelasic has told B92 radio that the NBS is fighting to maintain price stability. Having risen slightly against the euro yesterday, the dinar fell 0.14 percent today, returning to its level of two days ago. "NBS fighting to maintain economic stability" According to the Natioanl Bank of Serbia’s (NBS) official rate, the dinar stands at 83.69 to the euro. Meanwhile, shares on the Belgrade stock market have fallen, particularly those on the BELEX 15 of Serbia’s leading shares. Jelasic said that the NBS was fighting to maintain price stability in conditions of heightened political instability. Overall inflation in Serbia has reached 11.5 percent, the NBS governor said, adding that it would be difficult to maintain inflation within the set parameters. Despite electricity price rises and expected increases in petrol and gas prices, he said that this did not necessarily mean that other prices would automatically rise. “The 7 to 8 percent electricity prices increases—part of this will be carried over to production, though how much, nobody yet knows,“ Jelasic explained. The NBS governor said that the state needed to react, as world economic trends were not about to change. “We expect the current trend to definitely continue and maybe even increase by the end of the second quarter, but the question is again, not what’s going to happen on the world market, but what we want—do we want to just look on and say we’re not to blame, or are we going to do something to minimize those effects,“ he wondered. Jelasic said that the NBS would continue with austerity measures, in order to reduce inflation and the dinar’s fall, though he stressed that it could not do everything by itself. “The NBS will try to do its thing, and I’m sure that those measures will bring the dinar rate back down in the end. It’s just that we still have that political uncertainty here, and that’s whats dictating the exchange rate currently,” the NBS governor explained. In other news, as confirmed by the Energy Ministry, fuel prices are to go up from Saturday by 4.52 percent on average, to RSD 99.85. Radovan Jelasic (FoNet, archive)

"NBS fighting to maintain economic stability"

According to the Natioanl Bank of Serbia’s (NBS) official rate, the dinar stands at 83.69 to the euro. Meanwhile, shares on the Belgrade stock market have fallen, particularly those on the BELEX 15 of Serbia’s leading shares.

Jelašić said that the NBS was fighting to maintain price stability in conditions of heightened political instability.

Overall inflation in Serbia has reached 11.5 percent, the NBS governor said, adding that it would be difficult to maintain inflation within the set parameters.

Despite electricity price rises and expected increases in petrol and gas prices, he said that this did not necessarily mean that other prices would automatically rise.

“The 7 to 8 percent electricity prices increases—part of this will be carried over to production, though how much, nobody yet knows,“ Jelašić explained.

The NBS governor said that the state needed to react, as world economic trends were not about to change.

“We expect the current trend to definitely continue and maybe even increase by the end of the second quarter, but the question is again, not what’s going to happen on the world market, but what we want—do we want to just look on and say we’re not to blame, or are we going to do something to minimize those effects,“ he wondered.

Jelašić said that the NBS would continue with austerity measures, in order to reduce inflation and the dinar’s fall, though he stressed that it could not do everything by itself.

“The NBS will try to do its thing, and I’m sure that those measures will bring the dinar rate back down in the end. It’s just that we still have that political uncertainty here, and that’s whats dictating the exchange rate currently,” the NBS governor explained.

In other news, as confirmed by the Energy Ministry, fuel prices are to go up from Saturday by 4.52 percent on average, to RSD 99.85.

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