Currency lowest this year, NBS aims for "stabilization"
The aim of the central bank the coming period is to focus on stabilization of the inflation rate on a low and sustainable level, says Jorgovanka Tabaković.
Friday, 08.08.2014.
11:46
Currency lowest this year, NBS aims for "stabilization"
According to Tabaković, macroeconomic stabilization, keeping inflation at a low rate and public finance consolidation are the best way to help the economy in the long run.Grey economy also needs to be countered, which can be achieved primarily through adoption of laws on accounting, said Tabaković who has been heading the central bank for two years now.
Commenting on the exchange rate, the governor explained that "oscillations are common in a flexible exchange rate regime," adding that the main reasons come from "the international environment, uncertainties of the geopolitical situation concerning Ukraine and the monetary policy of U.S. Federal Reserves."
The impacts from the local environment, she said, are linked to the pace of public finance consolidation and increased demand for foreign currencies.
Tabaković also expressed the belief that the trend of interest rate reduction which has already been launched would continue in the time to come.
On Friday, the NBS announced that the Serbian dinar (RSD) lost 0.1 percent of its value against the euro (EUR), as the exchange rate reached a new record low of RSD 116.9904 for one euro.
This happened despite the central bank selling EUR 10 million in the interbank foreign exchange market
The national currency dropped 0.7 percent against the hard currency compared to the exchange rate from the month before and 2.5 percent lower against a year earlier.
The dinar-versus-dollar indicative exchange rate is down 0.4 percent at 87.6201 RSD/USD.
Month-on-month, the Serbian currency weakened 2.6 percent against the U.S. dollar. Year-on-year, it fell 2.4 percent against the U.S. currency.
This year, dinar was the strongest on January 1, when the exchange rate stood at RSD 114.6421 for one euro.
Since the beginning of the year, the NBS has bought EUR 200 million and sold EUR 870 million in the interbank foreign exchange market to ease excessive daily fluctuations of the exchange rate.
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