Jelašić: Market dictates dinar rate, not NBS

NBS Governor Radovan Jelašić says that the exchange rate is dictated by political and economic goings-on at home and abroad, not NBS interventions.

Izvor: B92

Wednesday, 14.01.2009.

11:57

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NBS Governor Radovan Jelasic says that the exchange rate is dictated by political and economic goings-on at home and abroad, not NBS interventions. The dinar rose slightly against the euro today, with the official central rate standing at RSD 92.4 to the euro. Jelasic: Market dictates dinar rate, not NBS Speaking to B92, Jelasic said that, where the dinar was concerned, the priority in the coming period was to maintain stability with minimal disbursement of foreign currency reserves. “We are, of course, looking both at the exchange rate and the foreign currency reserves, and we’re trying somehow to alleviate those effects. When we go out on to the market, we try to achieve stability with the absolute minimum sum. Yesterday, for instance, or the day before, we managed it with only EUR 3mn,“ explained the National Bank of Serbia (NBS) governor. “So, one thing’s for sure: everyone has in the meantime realized that what’s much better is a stronger and lower exchange rate. At the end of the day, even for exporters who have been complaining up to now,“ he said. Although businessmen prefer a lower and stable rate, which they insist on, the governor insists that it was not he who sets the rate, but rather, supply and demand. All eyes are, in any case, turned towards the meeting of the International Monetary Fund Board of Directors on Friday, where, said Jelasic, Serbia’s stand-by arrangement with the institution is expected to be approved. “I’m more or less certain that they’ll approve it. It’s just a question of whether it’ll be enough for Serbia, of whether we can do even more, because once again the IMF didn’t say that the deficit mustn’t be any smaller, it just said how high the maximum deficit could be, and whether we believe that more can and must be done to be better equipped as we enter these torrid times—that depends entirely on ourselves, not the IMF,“ he stressed. The IMF agreed a 15-month stand-by arrangement with Serbia in mid-November, giving Serbia access to around USD 520mn should the need arise. Radovan Jelasic (FoNet, archive)

Jelašić: Market dictates dinar rate, not NBS

Speaking to B92, Jelašić said that, where the dinar was concerned, the priority in the coming period was to maintain stability with minimal disbursement of foreign currency reserves.

“We are, of course, looking both at the exchange rate and the foreign currency reserves, and we’re trying somehow to alleviate those effects. When we go out on to the market, we try to achieve stability with the absolute minimum sum. Yesterday, for instance, or the day before, we managed it with only EUR 3mn,“ explained the National Bank of Serbia (NBS) governor.

“So, one thing’s for sure: everyone has in the meantime realized that what’s much better is a stronger and lower exchange rate. At the end of the day, even for exporters who have been complaining up to now,“ he said.

Although businessmen prefer a lower and stable rate, which they insist on, the governor insists that it was not he who sets the rate, but rather, supply and demand.

All eyes are, in any case, turned towards the meeting of the International Monetary Fund Board of Directors on Friday, where, said Jelašić, Serbia’s stand-by arrangement with the institution is expected to be approved.

“I’m more or less certain that they’ll approve it. It’s just a question of whether it’ll be enough for Serbia, of whether we can do even more, because once again the IMF didn’t say that the deficit mustn’t be any smaller, it just said how high the maximum deficit could be, and whether we believe that more can and must be done to be better equipped as we enter these torrid times—that depends entirely on ourselves, not the IMF,“ he stressed.

The IMF agreed a 15-month stand-by arrangement with Serbia in mid-November, giving Serbia access to around USD 520mn should the need arise.

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