SNS: Šoškić stepped down for personal reasons

The Serb Progressive Party (SNS) believes that Dejan Šoškić stepped down as the governor of the National Bank of Serbia (NBS) for personal reasons.

Izvor: Tanjug

Friday, 03.08.2012.

18:04

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BELGRADE The Serb Progressive Party (SNS) believes that Dejan Soskic stepped down as the governor of the National Bank of Serbia (NBS) for personal reasons. The party said that this was the case " rather than, as the governor himself claims, to protect the independence of the central bank". SNS: Soskic stepped down for personal reasons Contrary to the claims of the outgoing governor, the SNS said in a release, the independence of the NBS is not jeopardized by the proposed amendments to the law on the central bank. According to the SNS, one of the personal reasons for Soskic resignation is the fact that he will “preserve” the right to a monthly salary of EUR 6,000 over the next six months. The SNS says that while Soskic served as the NBS head, the central bank did not meet any of the set objectives, from which it can be derived that the governor should have resigned much earlier. According to the release, at its seven percent, the 2011 inflation rate was way above the target, the national currency depreciated by over 12 percent in just a few months, while at the same time EUR 1.5 billion of foreign exchange reserves were spent on the failing defense of the exchange rate stability. According to the SNS, several large banks were destroyed in only one year, namely, Komercijalna Bank, the Development Bank of Vojvodine and Metals Bank. “The governor is concerned that the amendments to the law (on NBS) might disturb investor confidence, while in fact during his tenure there was a drastic drop in the sale of state's debt securities, as only EUR 76 million of investment flowed in since the beginning of the year, which is seven times less than a year earlier,” said the SNS. Tanjug

SNS: Šoškić stepped down for personal reasons

Contrary to the claims of the outgoing governor, the SNS said in a release, the independence of the NBS is not jeopardized by the proposed amendments to the law on the central bank.

According to the SNS, one of the personal reasons for Šoškić resignation is the fact that he will “preserve” the right to a monthly salary of EUR 6,000 over the next six months.

The SNS says that while Šoškić served as the NBS head, the central bank did not meet any of the set objectives, from which it can be derived that the governor should have resigned much earlier.

According to the release, at its seven percent, the 2011 inflation rate was way above the target, the national currency depreciated by over 12 percent in just a few months, while at the same time EUR 1.5 billion of foreign exchange reserves were spent on the failing defense of the exchange rate stability.

According to the SNS, several large banks were destroyed in only one year, namely, Komercijalna Bank, the Development Bank of Vojvodine and Metals Bank.

“The governor is concerned that the amendments to the law (on NBS) might disturb investor confidence, while in fact during his tenure there was a drastic drop in the sale of state's debt securities, as only EUR 76 million of investment flowed in since the beginning of the year, which is seven times less than a year earlier,” said the SNS.

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