"Inflation to peak next month"

The National Bank of Serbia (NBS) Governor Dejan Šoškić says the inflation will hit its highest rate next month, and then gradually decrease by the end of 2011.

Izvor: Tanjug

Tuesday, 01.03.2011.

17:01

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The National Bank of Serbia (NBS) Governor Dejan Soskic says the inflation will hit its highest rate next month, and then gradually decrease by the end of 2011. At the ongoing 2011 Kopaonik Business Forum, Soskic said that year-on-year inflation will start dropping in those months in which the inflation rate was rather high last year, such as June, July and August. "Inflation to peak next month" Taking into account that Serbia's economy is highly dependent on the euro, the country's economic recovery will require stable prices, and the NBS is determined to use all available instruments to safeguard that, Soskic announced. As the main challenges for reaching the targeted inflation of approximately 4.5 percent, Soskic identified inflation expectations, increase in the prices controlled by the state, international factors such as rise in the prices of energy-generating products and foodstuffs. The NBS has successfully cooperated with the government on alleviating volatility in the price of agricultural products, Soskic said explaining that fluctuations in foodstuffs prices affect consumer price index by which the inflation is measured. The governor noted that the banks in Serbia are fairly stable and that their capital is relatively high, but added that 17.2 percent of problematic loans in the banks' balance sheets give rise for concern. He underlined that the level is still not alarming, given the high level of bank reserves that should cover possible losses, and added that problematic loans constitute more than 20 percent of the loans given in the sector of economy, while the percentage is much lower as regards citizens' loans. Dejan Soskic (Tanjug)

"Inflation to peak next month"

Taking into account that Serbia's economy is highly dependent on the euro, the country's economic recovery will require stable prices, and the NBS is determined to use all available instruments to safeguard that, Šoškić announced.

As the main challenges for reaching the targeted inflation of approximately 4.5 percent, Šoškić identified inflation expectations, increase in the prices controlled by the state, international factors such as rise in the prices of energy-generating products and foodstuffs.

The NBS has successfully cooperated with the government on alleviating volatility in the price of agricultural products, Šoškić said explaining that fluctuations in foodstuffs prices affect consumer price index by which the inflation is measured.

The governor noted that the banks in Serbia are fairly stable and that their capital is relatively high, but added that 17.2 percent of problematic loans in the banks' balance sheets give rise for concern.

He underlined that the level is still not alarming, given the high level of bank reserves that should cover possible losses, and added that problematic loans constitute more than 20 percent of the loans given in the sector of economy, while the percentage is much lower as regards citizens' loans.

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