Serbian dinar drops by another 0.6 percent

The Serbian dinar continued to plummet, dropping 0.6 percent Thursday to an official middle exchange rate of RSD 115.4638 for one euro.

Izvor: Tanjug

Thursday, 24.05.2012.

09:49

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The Serbian dinar continued to plummet, dropping 0.6 percent Thursday to an official middle exchange rate of RSD 115.4638 for one euro. The Serbian currency dropped despite the fact the National Bank of Serbia (NBS) sold EUR 80mn. Serbian dinar drops by another 0.6 percent Since the beginning of 2012, the central bank has sold a total of EUR 978.5mn on the interbank foreign exchange market so as to ensure smooth running of the foreign exchange market. This week alone the NBS has sold EUR 140mn. NBS Governor Dejan Soskic told Tanjug on Wednesday that these were "extremely big amounts and the NBS could not keep this up in the long term." Soskic said the central bank would stop dipping into the foreign exchange reserves once they dropped below a certain level. He expressed belief, however, that the pressure that was causing the dinar to slide against the euro would ease off once a government was formed, which would intensify reforms, primarily in the domain of fiscal consolidation. This year, the dinar hit its highest level against the single European currency on January 11 with the exchange rate at RSD 103.6922. The dinar is 3.2 percent down on this time last month, and 16.1 percent down on the year. On Monday, the indicative dinar-versus-dollar exchange rate was at RSD 91.2974, down 0.8 percent from the day before. The dinar weakened against the U.S. dollar by seven percent when compared to the level a month ago, and by 24.5 percent if compared to a year ago. (Beta) Tanjug

Serbian dinar drops by another 0.6 percent

Since the beginning of 2012, the central bank has sold a total of EUR 978.5mn on the interbank foreign exchange market so as to ensure smooth running of the foreign exchange market.

This week alone the NBS has sold EUR 140mn.

NBS Governor Dejan Šoškić told Tanjug on Wednesday that these were "extremely big amounts and the NBS could not keep this up in the long term."

Šoškić said the central bank would stop dipping into the foreign exchange reserves once they dropped below a certain level.

He expressed belief, however, that the pressure that was causing the dinar to slide against the euro would ease off once a government was formed, which would intensify reforms, primarily in the domain of fiscal consolidation.

This year, the dinar hit its highest level against the single European currency on January 11 with the exchange rate at RSD 103.6922.

The dinar is 3.2 percent down on this time last month, and 16.1 percent down on the year.

On Monday, the indicative dinar-versus-dollar exchange rate was at RSD 91.2974, down 0.8 percent from the day before.

The dinar weakened against the U.S. dollar by seven percent when compared to the level a month ago, and by 24.5 percent if compared to a year ago.

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