Bloomberg News

Serbian April Foreign-Exchange Reserves Fall on Debt Repayment

May 14, 2013

Serbia’s foreign-exchange reserves fell 5.84 percent in April from the previous month as the government repaid half of its outstanding debt to the London Club of commercial lenders.

The reserves contracted to 11.15 billion euros ($14.46 billion) from 11.84 billion euros, Belgrade-based Narodna Banka Srbije said in an e-mailed statement today. Outflows included the repayment of 305.4 million euros to the London Club of bank lenders and 72 million to other creditors, while banks withdrew 274.3 million euros from their mandatory reserve accounts.

Inflows included government borrowing worth 42.4 million euros in the local market and 25 million euros in loans and grants, the National Bank of Serbia said.

Net reserves, excluding the money commercial lenders keep with the central bank and funds from the International Monetary Fund, dropped to 7.3 billion euros from 7.6 billion euros in March, the bank said.

Interbank foreign-currency trading rose 2.3 percent on the month to 808.6 million euros, while the dinar gained a nominal 1.3 percent against the euro in April.

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

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus