NBS chief reassures finance committee
Parliament's Committee for Finances met on Thursday in Belgrade at the request of the opposition.
Thursday, 09.10.2008.
15:00
Parliament's Committee for Finances met on Thursday in Belgrade at the request of the opposition. The committee was debating measures the government and the National Bank of Serbia (NBS) should undertake in order to alleviate the effects of the global financial meltdown on Serbia's financial system, economy and the citizens' welfare. NBS chief reassures finance committee NBS Governor Radovan Jelasic took part in the meeting, to say that Serbia's financial system is not threatened, that banks are solvent and that the crisis would affect the volume and price of loans. He reiterated that citizens' bank deposits are backed by the NBS reserves of about EUR 10bn "which are safe". Jelasic explained that 72 percent of the reserves have been invested in securities, 24 percent are in the form of deposits while four percent are gold and hard currency cash. He said that most of the EUR 2.33bn of deposits is now in central banks and international financial organizations, the largest part of which in Bundesbank and American Federal Reserves. Jelasic said that the slowed credit activity of commercial banks in the country and abroad came as a result of the crisis and added that out of the 35 banks in Serbia 28 announced they did not plan to increase their fees on existing loans. State Secretary with the Finance Ministry Slobodan Milic said that there was no need to increase the amount of insured bank deposits in Serbia, something the opposition proposed. He said that the structure of savings in Serbia was such that more than 80 percent of citizens had deposits of up to EUR 3,000, meaning they are covered by the present regulations. The opposition voiced its concern over the consequences of the international financial crisis on the Serbian economy and invited the government to make changes to the recent revision of the budget. Liberal-Democrats (LDP) MPs, backed by their colleagues from other opposition parties, on Wednesday requested that the committee meet today. Jelasic, left, is seen during today's committee meeting (Tanjug)
NBS chief reassures finance committee
NBS Governor Radovan Jelašić took part in the meeting, to say that Serbia's financial system is not threatened, that banks are solvent and that the crisis would affect the volume and price of loans.He reiterated that citizens' bank deposits are backed by the NBS reserves of about EUR 10bn "which are safe".
Jelašić explained that 72 percent of the reserves have been invested in securities, 24 percent are in the form of deposits while four percent are gold and hard currency cash.
He said that most of the EUR 2.33bn of deposits is now in central banks and international financial organizations, the largest part of which in Bundesbank and American Federal Reserves.
Jelašić said that the slowed credit activity of commercial banks in the country and abroad came as a result of the crisis and added that out of the 35 banks in Serbia 28 announced they did not plan to increase their fees on existing loans.
State Secretary with the Finance Ministry Slobodan Milić said that there was no need to increase the amount of insured bank deposits in Serbia, something the opposition proposed.
He said that the structure of savings in Serbia was such that more than 80 percent of citizens had deposits of up to EUR 3,000, meaning they are covered by the present regulations.
The opposition voiced its concern over the consequences of the international financial crisis on the Serbian economy and invited the government to make changes to the recent revision of the budget.
Liberal-Democrats (LDP) MPs, backed by their colleagues from other opposition parties, on Wednesday requested that the committee meet today.
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