IMF stand-by money “not enough”
The stand-by IMF arrangement approved last week is important as support from this institution, but insufficient, said economic analyst Ivan Nikolić.
Monday, 19.01.2009.
15:22
The stand-by IMF arrangement approved last week is important as support from this institution, but insufficient, said economic analyst Ivan Nikolic. He also told B92 that he believes spending the foreign currency reserve in order to stabilize the dinar, RSD, is tantamount to postponing the inevitable. IMF stand-by money “not enough” The dinar increased in value today towards the euro by 0.68 percent, so that the official exchange rate today is RSD 92.38 for one euro. The National Bank of Serbia (NBS) did not intervene on the inter-banking foreign currency market last Friday. “The total worth of the approved funds which is a little over EUR 400mn is not enough at this moment to stop the basic goals of the arrangement, the preventive goals, to stop the possible development of unwanted events. I will tell you only that Serbia has on the average in the past three months lost this EUR 400mn from its foreign reserves,” Nikolic said. He added that these reserves should not be used to stabilize the exchange rate. “That is a question that is being asked by experts. I think that it just postpones something that needs to happen,” Nikolic said.
IMF stand-by money “not enough”
The dinar increased in value today towards the euro by 0.68 percent, so that the official exchange rate today is RSD 92.38 for one euro.The National Bank of Serbia (NBS) did not intervene on the inter-banking foreign currency market last Friday.
“The total worth of the approved funds which is a little over EUR 400mn is not enough at this moment to stop the basic goals of the arrangement, the preventive goals, to stop the possible development of unwanted events. I will tell you only that Serbia has on the average in the past three months lost this EUR 400mn from its foreign reserves,” Nikolić said.
He added that these reserves should not be used to stabilize the exchange rate.
“That is a question that is being asked by experts. I think that it just postpones something that needs to happen,” Nikolić said.
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