PKS chief calls for currency fall to end

President of the Serbian Chamber of Commerce (PKS) Miloš Bugarin has sent a letter to the Ministry of Economy and the central bank governor.

Izvor: FoNet

Friday, 11.12.2009.

11:57

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President of the Serbian Chamber of Commerce (PKS) Milos Bugarin has sent a letter to the Ministry of Economy and the central bank governor. In it, he is urging these two institutions to "stop the fall of the value of the Serbian dinar [RSD]". PKS chief calls for currency fall to end "The domestic economy, when the balance is made at the end of the year, will not withstand the drastic weakening of the exchange rate that has been happening these days," Bugarin writes. According to him, it is "impermissible" for the central bank, NBS, not to have reacted in time to prevent the dinar's drop of value against the euro. The business community, Bugarin continued, fears that the depreciation of the dinar will lead to profits made this year disappearing, and that end-of-year balances will be negative. "Some 50 percent of the economy has negative results anyway, while the losses incurred through the exchange rate differences will lead to all companies doing business with a negative balance," said the PKS chief. One euro is today worth RSD 95.78.

PKS chief calls for currency fall to end

"The domestic economy, when the balance is made at the end of the year, will not withstand the drastic weakening of the exchange rate that has been happening these days," Bugarin writes.

According to him, it is "impermissible" for the central bank, NBS, not to have reacted in time to prevent the dinar's drop of value against the euro.

The business community, Bugarin continued, fears that the depreciation of the dinar will lead to profits made this year disappearing, and that end-of-year balances will be negative.

"Some 50 percent of the economy has negative results anyway, while the losses incurred through the exchange rate differences will lead to all companies doing business with a negative balance," said the PKS chief.

One euro is today worth RSD 95.78.

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