NBS chief optimistic about inflation

Freshly re-elected central bank governor Radovan Jelašić disagrees that Serbia's inflation will reach 8.5 percent.

Izvor: B92

Thursday, 27.09.2007.

12:00

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Freshly re-elected central bank governor Radovan Jelasic disagrees that Serbia's inflation will reach 8.5 percent. Jelasic voiced disagreement with Finance Minister Mirko Cvetkovic's estimate made public yesterday, which sets the inflation figure for 2007 at two percent up compared to the original estimate. NBS chief optimistic about inflation Jelasic said Thursday that "the most important thing now is what the government will do to reduce the projected inflation rate of 6.5 to a minimum." He added that by the end of the year, the base inflation will reach 4.5 instead of the projected 4 percent. "Any additional deviation means additional expenditures for the NBS, for tax payers and all those who hoped that the increase of real income would be one percent, but , actually, in the end, it will turn out to be even smaller than that," Jelasic told reporters during a break in a conference in Belgrade today. Wednesday, the parliament re-elected Jelasic to his second five-year term as National Bank of Serbia (NBS) governor. 132 lawmakers from the ruling coalition voted in favor, along with those from the Alliance of Vojvodina Hungarians, while 19 opposition MPs voted against. The Serb Radical Party (SRS) abstained from the vote. Jelasic said he was certain that at this end of this mandate, a stability of prices will be achieved, and stressed that the central bank will continue with its restrictive policy, adding, "one thing is for sure, Serbia will only profit from it." The new law on the central bank will not decrease this institution's independence, but will in a way limit the jurisdiction of the governor, Finance Minister Mirko Cvetkovic told reporters meantime. The key new moment is the Governor's Council that will have more powers than was the case so far. Jelasic was born in 1968 in Hungary. He graduated in 1992 from the Faculty of Economy in Belgrade, and earned his Masters in 1995, at the University of Illinois. He was vice-governor at the NBS from 2000 until 2003, and became the governor in 2004. Radovan Jelasic (FoNet)

NBS chief optimistic about inflation

Jelašić said Thursday that "the most important thing now is what the government will do to reduce the projected inflation rate of 6.5 to a minimum."

He added that by the end of the year, the base inflation will reach 4.5 instead of the projected 4 percent.

"Any additional deviation means additional expenditures for the NBS, for tax payers and all those who hoped that the increase of real income would be one percent, but , actually, in the end, it will turn out to be even smaller than that," Jelašić told reporters during a break in a conference in Belgrade today.

Wednesday, the parliament re-elected Jelašić to his second five-year term as National Bank of Serbia (NBS) governor.

132 lawmakers from the ruling coalition voted in favor, along with those from the Alliance of Vojvodina Hungarians, while 19 opposition MPs voted against. The Serb Radical Party (SRS) abstained from the vote.

Jelašić said he was certain that at this end of this mandate, a stability of prices will be achieved, and stressed that the central bank will continue with its restrictive policy, adding, "one thing is for sure, Serbia will only profit from it."

The new law on the central bank will not decrease this institution's independence, but will in a way limit the jurisdiction of the governor, Finance Minister Mirko Cvetković told reporters meantime. The key new moment is the Governor's Council that will have more powers than was the case so far.

Jelašić was born in 1968 in Hungary. He graduated in 1992 from the Faculty of Economy in Belgrade, and earned his Masters in 1995, at the University of Illinois. He was vice-governor at the NBS from 2000 until 2003, and became the governor in 2004.

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