"Hard currency market stabilizes"

National Bank of Serbia (NBS) Governor Radovan Jelašić says the foreign currency market calmed down after a shorter fluctuation last week.

Izvor: Tanjug

Monday, 07.12.2009.

17:57

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National Bank of Serbia (NBS) Governor Radovan Jelasic says the foreign currency market calmed down after a shorter fluctuation last week. One euro is worth RSD 96.2 this Monday. "Hard currency market stabilizes" In a statement for Tanjug Jelasic evaluated that the upset does not constitute for "some kind of a trend", but rather a situation sometimes happening at the end of a year, and added that the Serbian dinar's fall was due to the reference rate decrease. “Serbia has enough foreign exchange reserves to achieve the two main goals - not to have too big fluctuations on a daily basis and to make the foreign exchange market function, which already happened last weekend when a number of banks were buying foreign currencies with the Serbian dinar,” Jelasic underscored. Pointing out that he will not take the job from the analysts and predict the future of the exchange rate, he announced that the NBS will take care that there is not too much fluctuation and that there is enough foreign currency on the market. The governor underscored that the general level of the rate will be determined by the market and that the NBS will use its reserves, which now amount to more than EUR 10bn, whenever it is needed. The central bank intervened last Friday, for the first time since February 25 this year, by selling EUR 42mnfrom the reserves, in order to prevent daily oscillations in the exchange rate.

"Hard currency market stabilizes"

In a statement for Tanjug Jelašić evaluated that the upset does not constitute for "some kind of a trend", but rather a situation sometimes happening at the end of a year, and added that the Serbian dinar's fall was due to the reference rate decrease.

“Serbia has enough foreign exchange reserves to achieve the two main goals - not to have too big fluctuations on a daily basis and to make the foreign exchange market function, which already happened last weekend when a number of banks were buying foreign currencies with the Serbian dinar,” Jelašić underscored.

Pointing out that he will not take the job from the analysts and predict the future of the exchange rate, he announced that the NBS will take care that there is not too much fluctuation and that there is enough foreign currency on the market.

The governor underscored that the general level of the rate will be determined by the market and that the NBS will use its reserves, which now amount to more than EUR 10bn, whenever it is needed.

The central bank intervened last Friday, for the first time since February 25 this year, by selling EUR 42mnfrom the reserves, in order to prevent daily oscillations in the exchange rate.

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