Exchange rate fluctuations "not cause for concern"

The fluctuations in the dinar exchange rate should not be a cause for concern, Governor of the National Bank of Serbia (NBS) Jorgovanka Tabaković says.

Izvor: RTS

Thursday, 11.09.2014.

13:02

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Exchange rate fluctuations "not cause for concern"

Tabaković specified that the stabilizing effects of the Ukraine ceasefire agreement are already being felt, as well as those from the European Central Bank, triggered by the measures for increasing liquidity.

The consequence of this is that investors are demonstrating greater interest in Serbia, which should be encouraging for citizens, Tabaković told Radio-Television of Serbia (RTS).

She said that already at the Tuesday auction of securities the interest of foreign investors was very high.

Foreign investors are still purchasing securities and that is why we have had a steady exchange rate for two days, below RSD 119, without any NBS intervention, the governor noted.

The NBS does not have the targeted value of the dinar, but its first obligation and objective under the law is to ensure the stability of the national currency, Tabaković said, adding that the NBS has mechanisms to keep the dinar stable.

She noted that the developments such as the visit by the governor of the Chinese central bank also contribute to the stability of the national currency, as he stated that Chinese banks are ready to take part in the financing of securities, which proves that they place trust in Serbia.

Speaking about the state financing of the deficit, Tabaković noted that this creates a problem for all in the country, noting that this is a consequence of the excessive spending which also has an effect on the exchange rate,

Tabaković voiced the expectation that the government will prepare measures for bringing the deficit to a sustainable level so that the state could settle its liabilities.

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