Central bank to withdraw EUR 55mn from IMF

The Serbian negotiation team decided that the central bank would only be withdrawing EUR 55mn of credit from the International Monetary Fund (IMF). The National Bank of Serbia (NBS) has EUR 380mn available according to the stand-by arrangement with the financial institution. Central bank to withdraw EUR 55mn from IMF According to daily Vecernje novosti, the decision was made between officials of the NBS and government. The funds offered by the IMF in the arrangement can only be used for filling Serbia’s foreign currency reserve. This is not the first time that Serbia decided not to withdraw the full amount made available to the NBS after a revision of the stand-by arrangement. The last time a revision was made, Serbia only withdrew 15 percent of the available funds. After the decision to conclude the financial part of the arrangement with the Fund, the value of the stand-by arrangement with the IMF stands at half of the approved EUR 3mn—EUR 1.5bn.

Central bank to withdraw EUR 55mn from IMF

According to daily Večernje novosti, the decision was made between officials of the NBS and government.

The funds offered by the IMF in the arrangement can only be used for filling Serbia’s foreign currency reserve.

This is not the first time that Serbia decided not to withdraw the full amount made available to the NBS after a revision of the stand-by arrangement.

The last time a revision was made, Serbia only withdrew 15 percent of the available funds.

After the decision to conclude the financial part of the arrangement with the Fund, the value of the stand-by arrangement with the IMF stands at half of the approved EUR 3mn—EUR 1.5bn.