"Return to former exchange rate impractical"

As the dinar continues to fall, banks say the NBS could return the rate to RSD 80 to the euro, though it would be unlikely to retain that level for long.

Izvor: B92

Tuesday, 02.12.2008.

12:16

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As the dinar continues to fall, banks say the NBS could return the rate to RSD 80 to the euro, though it would be unlikely to retain that level for long. “The National Bank of Serbia (NBS) has enough money to return the rate to 80 or below. So, the NBS can unquestionably splash out a large quantity of euros and have a bearing on the exchange rate. But the question is how long it would be able to hold that rate,“ Secretary General of the Association of Banks Veroljub Dugalic told state broadcaster RTS. "Return to former exchange rate impractical" Dugalic said that Serbia was suffering from a reduced influx of foreign capital, especially euros, which had had an impact on the dinar rate. He stressed that the rate was dictated by the market, and that the NBS’s interventions ensured that the fluctuations were not excessive. Since early November, the NBS has sold EUR 367mn on the inter-bank currency markets, and EUR 269mn in October alone.

"Return to former exchange rate impractical"

Dugalić said that Serbia was suffering from a reduced influx of foreign capital, especially euros, which had had an impact on the dinar rate. He stressed that the rate was dictated by the market, and that the NBS’s interventions ensured that the fluctuations were not excessive.

Since early November, the NBS has sold EUR 367mn on the inter-bank currency markets, and EUR 269mn in October alone.

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