Serbian currency strengthens for 5th day in row
The Serbian dinar (RSD) will gain in value against the euro (EUR) for a fifth day in a row on Thursday, it has been announced in Belgrade.
Wednesday, 10.10.2012.
20:15
BELGRADE The Serbian dinar (RSD) will gain in value against the euro (EUR) for a fifth day in a row on Thursday, it has been announced in Belgrade. The dinar's value will be up 0.5 percent, or 56 paras, while the exchange rate will stand at RSD 114.1212 for one euro, the central bank (NBS) has said. Serbian currency strengthens for 5th day in row This means that the value of the national currency will have increased 1.9 percent compared to one month ago, but it will be 11.2 percent weaker year-on-year. The stability of the exchange rate achieved in the past several months came as a consequence of the central bank's restrictive measures and the structure of the setting aside of obligatory reserves, which resulted in EUR 500mn freed for banks to use for credit activities for the economy, NBS Vice-Governor Veselin Pjescic said on Wednesday. Since the start of the year dinar weakened 8.8 percent against the euro, while during the same period the NBS intervened with hard currency reserves to a total of some EUR 1.4bn, in a bid to defend the currency's stability. However, noted Pjescic, there have been no interventions in the inter-bank market during September. This central bank official also singled out a program of subsidized loans for the economy and announcements of fiscal consolidation as the reasons for the stability of the exchange rate. Tanjug
Serbian currency strengthens for 5th day in row
This means that the value of the national currency will have increased 1.9 percent compared to one month ago, but it will be 11.2 percent weaker year-on-year.The stability of the exchange rate achieved in the past several months came as a consequence of the central bank's restrictive measures and the structure of the setting aside of obligatory reserves, which resulted in EUR 500mn freed for banks to use for credit activities for the economy, NBS Vice-Governor Veselin Pješčić said on Wednesday.
Since the start of the year dinar weakened 8.8 percent against the euro, while during the same period the NBS intervened with hard currency reserves to a total of some EUR 1.4bn, in a bid to defend the currency's stability. However, noted Pješčić, there have been no interventions in the inter-bank market during September.
This central bank official also singled out a program of subsidized loans for the economy and announcements of fiscal consolidation as the reasons for the stability of the exchange rate.
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