NBS chief: Products must have buyers

NBS Governor Radovan Jelašić believes that only those companies that can sell their goods should take our loans.

Izvor: Beta

Sunday, 14.12.2008.

16:21

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NBS Governor Radovan Jelasic believes that only those companies that can sell their goods should take our loans. "Support from the state and banks for those companies that are producing goods for storage and waiting for better days should not be expected. Only those who work for a known buyer and for which there is demand can expect it," Jelasic told Beta news agency. NBS chief: Products must have buyers The central bank chief stressed that precise conditions are yet to be defined for approval of state-guaranteed loans, and explained that RSD 50bn will be set aside from the 2009 budget for this purpose. These conditions, which are set by the government and NBS, will also be appraised by the IFM when this international financial organization in mid-January decides on a new arrangement with Serbia, worth some USD 520mn. At the same time, Jelasic announced that the NBS will do everything not to have the global financial crisis decrease the volume of loans for businesses in Serbia. He also said it was good news that the EU will provide help for the EU banks that operate in Serbia, as this will represent added security to the stability of the domestic financial sector, and allow easier access to sources of financing. "There is no danger," the governor said, "that the state and companies in Serbia will be unable to pay their foreign debt next year." "Even in the unlikely event that there's no refinancing and no new loans, we would need half of our hard currency reserves to pay our foreign debt next year," Jelasic said, and explained that those reserves are worth over EUR 9bn. All this, according to him, puts Serbia in a better position than her neighbors. But Jelasic also warned that 2010 will see more pressure on the hard currency reserves since more foreign debt payments will be due that year. Radovan Jelasic (FoNet)

NBS chief: Products must have buyers

The central bank chief stressed that precise conditions are yet to be defined for approval of state-guaranteed loans, and explained that RSD 50bn will be set aside from the 2009 budget for this purpose.

These conditions, which are set by the government and NBS, will also be appraised by the IFM when this international financial organization in mid-January decides on a new arrangement with Serbia, worth some USD 520mn.

At the same time, Jelašić announced that the NBS will do everything not to have the global financial crisis decrease the volume of loans for businesses in Serbia.

He also said it was good news that the EU will provide help for the EU banks that operate in Serbia, as this will represent added security to the stability of the domestic financial sector, and allow easier access to sources of financing.

"There is no danger," the governor said, "that the state and companies in Serbia will be unable to pay their foreign debt next year."

"Even in the unlikely event that there's no refinancing and no new loans, we would need half of our hard currency reserves to pay our foreign debt next year," Jelašić said, and explained that those reserves are worth over EUR 9bn.

All this, according to him, puts Serbia in a better position than her neighbors.

But Jelašić also warned that 2010 will see more pressure on the hard currency reserves since more foreign debt payments will be due that year.

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