"2009 inflation to hit 8-9 percent"

Veroljub Dugalić, secretary of the Association of Serbian Banks, has told daily Dnevnik that inflation in 2009 is expected to reach between 8 and 9%.

Izvor: FoNet

Wednesday, 31.12.2008.

15:24

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Veroljub Dugalic, secretary of the Association of Serbian Banks, has told daily Dnevnik that inflation in 2009 is expected to reach between 8 and 9%. “We’ve been living with this rate for ten years and have become immune to it. A much bigger problem could be exchange rate instability and problems in the real sector, as well as reduced prospects for credit from abroad, and the lower GDP rate,” said Dugalic. "2009 inflation to hit 8-9 percent" He said that it was hard to forecast how banks would fair in these conditions, “but it’s absolutely clear that we’ll be following developments in the real sector and on international financial markets and react accordingly.” Dugalic added that “Serbia is no longer an isolated island, the crisis is already hitting our economy, which will inevitably have repercussions for the financial sector. Because if a company has trouble meeting financial commitments, that situation can reflect on the way banks do business.” “Luckily, internal bank reserves here are solid, which will help to contain the problem partially,” he said.

"2009 inflation to hit 8-9 percent"

He said that it was hard to forecast how banks would fair in these conditions, “but it’s absolutely clear that we’ll be following developments in the real sector and on international financial markets and react accordingly.”

Dugalić added that “Serbia is no longer an isolated island, the crisis is already hitting our economy, which will inevitably have repercussions for the financial sector. Because if a company has trouble meeting financial commitments, that situation can reflect on the way banks do business.”

“Luckily, internal bank reserves here are solid, which will help to contain the problem partially,” he said.

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