Central bank chief: Serbia should be proud of its currency

"Like all other countries, we also should be proud of our national currency," says the governor of the National Bank of Serbia (NBS), Dejan Šoškić.

Izvor: Tanjug

Tuesday, 19.06.2012.

13:24

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"Like all other countries, we also should be proud of our national currency," says the governor of the National Bank of Serbia (NBS), Dejan Soskic. "Although they were in a more difficult position than we are facing with the dinar today, the Spaniards, Italians and Greeks used their currencies in all of their transactions in the past, which is something we too should do," according to him. Central bank chief: Serbia should be proud of its currency “Let us not forget that the United Kingdom is in the EU, while still using their pound. Denmark is in Europe, with their crown, Sweden has also kept its currency, and also the Czech Republic, Poland and Hungary. Only when we become a full-fledged member of the EU shall we take the next step, which is to join the European monetary union, the eurozone system. This will not happen very soon, but until then, we have our own currency that we should be proud of,” Soskic told Vesti, a Frankfurt-based Serbian language daily. Pointing out that "like all other countries, we also should be proud of our national currency", he added that we should use it as much as possible, not only as a means of payment, but also as a means of calculations. “The circumstances in which the dinar is used today are much more favorable than, say, those in the case of the Spanish peseta, Italian lira and the Greek drachma some ten or twenty years ago, and these nations are proud to use their currencies in all transactions, as a means of payment, credit activities and savings, something that we should to do with the dinar,' said Soskic. According to Soskic, the lack of confidence in the dinar dates from the early 1990's when Serbia was suffering one of the highest rates of hyperinflation ever recorded in the world. “Unfortunately, the distrust is still there, even though inflation rate is not so high today. Dinar's financial system is stable, and yet we still do not use it as our currency, because many people are building up their savings in other currencies,” said the NBS governor. Asked what should a salary in Serbia be like, Soskic said that it should amount to as much as we earned it. “One of the main problems, not only here but in Europe as well, is that both the states and the citizens are spending more than they have created, which creates the public debt of a country. Such behavior is not sustainable even at the household level, let alone at the state level. Therefore, one must spend and receive through a salary only what can be realistically earned,” Soskic said. Dejan Soskic (file) Tanjug Vesti

Central bank chief: Serbia should be proud of its currency

“Let us not forget that the United Kingdom is in the EU, while still using their pound. Denmark is in Europe, with their crown, Sweden has also kept its currency, and also the Czech Republic, Poland and Hungary. Only when we become a full-fledged member of the EU shall we take the next step, which is to join the European monetary union, the eurozone system. This will not happen very soon, but until then, we have our own currency that we should be proud of,” Šoškić told Vesti, a Frankfurt-based Serbian language daily.

Pointing out that "like all other countries, we also should be proud of our national currency", he added that we should use it as much as possible, not only as a means of payment, but also as a means of calculations.

“The circumstances in which the dinar is used today are much more favorable than, say, those in the case of the Spanish peseta, Italian lira and the Greek drachma some ten or twenty years ago, and these nations are proud to use their currencies in all transactions, as a means of payment, credit activities and savings, something that we should to do with the dinar,' said Šoškić.

According to Šoškić, the lack of confidence in the dinar dates from the early 1990's when Serbia was suffering one of the highest rates of hyperinflation ever recorded in the world.

“Unfortunately, the distrust is still there, even though inflation rate is not so high today. Dinar's financial system is stable, and yet we still do not use it as our currency, because many people are building up their savings in other currencies,” said the NBS governor.

Asked what should a salary in Serbia be like, Šoškić said that it should amount to as much as we earned it.

“One of the main problems, not only here but in Europe as well, is that both the states and the citizens are spending more than they have created, which creates the public debt of a country. Such behavior is not sustainable even at the household level, let alone at the state level. Therefore, one must spend and receive through a salary only what can be realistically earned,” Šoškić said.

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