NBS warns of price increases

National Bank of Serbia Governor Radovan Jelašić says increases in the price of oil, communication services and cigarettes are likely by the end of the year.

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Friday, 04.09.2009.

16:41

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National Bank of Serbia Governor Radovan Jelasic says increases in the price of oil, communication services and cigarettes are likely by the end of the year. Although inflation this year should stay in single figures, prices controlled by the state and local authorities have already reached the planned level for next year, warned Jelasic. NBS warns of price increases The macroeconomic situation in Serbia is considerably better than three months ago, he said, and the only thing that could destabilize it is the potential failure of the country's negotiations with the International Monetary Fund (IMF), which he nevertheless believes is highly unlikely. The governor told a news conference that it was not a matter of whether Serbia would reach an agreement with the IMF, but rather when it would happen, stressing that it would be best if the agreement was reached during the next IMF visit to Serbia, at the end of October. The IMF's last memorandum contained only one reference to the NBS, he said, where it is urged to relax monetary policy by reducing the reference interest rate. Jelasic claimed that he would not be leaving anything to chance. “Everything to do with changes for us hinges above all on what happens in 2010. That’s why need to wait for frameworks and to see what the 2010 budget will be like,“ he said. Everything else in the memorandum pertains to the government, the governor said, which needs to undertake reform of public administration. Radovan Jelasic (FoNet, archive)

NBS warns of price increases

The macroeconomic situation in Serbia is considerably better than three months ago, he said, and the only thing that could destabilize it is the potential failure of the country's negotiations with the International Monetary Fund (IMF), which he nevertheless believes is highly unlikely.

The governor told a news conference that it was not a matter of whether Serbia would reach an agreement with the IMF, but rather when it would happen, stressing that it would be best if the agreement was reached during the next IMF visit to Serbia, at the end of October.

The IMF's last memorandum contained only one reference to the NBS, he said, where it is urged to relax monetary policy by reducing the reference interest rate.

Jelašić claimed that he would not be leaving anything to chance.

“Everything to do with changes for us hinges above all on what happens in 2010. That’s why need to wait for frameworks and to see what the 2010 budget will be like,“ he said.

Everything else in the memorandum pertains to the government, the governor said, which needs to undertake reform of public administration.

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