Bloomberg News

Serb Central Bank Sold 10 Million Euros to Strengthen Dinar

May 10, 2012

Serbia’s central bank sold euros today to strengthen the dinar, acting in the market just before it left the benchmark interest rate unchanged at a policy meeting.

The Belgrade-based Narodna Banka Srbije sold 10 million euros ($12.9 million) to “ensure the smooth functioning” of the market, it said in a statement on its website. The dinar traded at 112.2370 at 5:02 p.m. in Belgrade, data compiled by Bloomberg show.

The central bank, which left the two-week repurchase rate at 9.5 percent for a fourth month, has spent a total of 763.5 million euros since the start of 2012 to prop up the dinar. The currency has weakened 10.3 percent against the euro compared with the same period last year.

To contact the reporter on this story: Gordana Filipovic in Belgrade at gfilipovic@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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