"C. bank won't fix exchange rate"

A fixed exchange rate would suit exporters but the Serbian people would pay the price, says National Bank of Serbia (NBS) Council Chairman Dejan Šoškić.

Izvor: Veèernje novosti

Tuesday, 29.06.2010.

12:10

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A fixed exchange rate would suit exporters but the Serbian people would pay the price, says National Bank of Serbia (NBS) Council Chairman Dejan Soskic. "A fixed exchange rate would facilitate export but hinder import, increasing Serbia's deficit and debt," Soskic, who is a candidate for the next central bank governor, pointed out in an interview for the Tuesday edition of the daily Vecernje Novosti. "C. bank won't fix exchange rate" "Introducing a fixed exchange rate would mean either depleting our foreign exchange reserves in order to maintain the exchange rate or implementing a restrictive monetary policy which would stabilize the dinar but at the cost of non-liquidity and sluggish economic activity. Our citizens would end up paying the price, not only today but for years to come," he said. Soskic said that the fluctuation of the dinar is not a cause for concern and has been partly driven by the situation in the region and the international investors' declining confidence in the entire region.

"C. bank won't fix exchange rate"

"Introducing a fixed exchange rate would mean either depleting our foreign exchange reserves in order to maintain the exchange rate or implementing a restrictive monetary policy which would stabilize the dinar but at the cost of non-liquidity and sluggish economic activity. Our citizens would end up paying the price, not only today but for years to come," he said.

Šoškić said that the fluctuation of the dinar is not a cause for concern and has been partly driven by the situation in the region and the international investors' declining confidence in the entire region.

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