Serbian Currency Hits All Time Low Against Euro

Serbia's currency on Wednesday dropped to an all-time low against the euro despite repeated central bank interventions to support it on foreign exchange markets.
The dinar traded down at 90.59 per euro -- from highs of 75.75 a euro on Aug. 7 -- even though the National Bank of Serbia (NBS) on Tuesday sold euro10 million ($12.7 million) on financial markets to offset the strong demand for foreign currencies.

The NBS sold more than euro600 million to buy dinars on the foreign exchange market since late September to stop the fall of the national currency, triggered by the global economic crisis and worries over Serbia's economy.
"We are not spending foreign currency reserves, but withdrawing dinars" from the market, Serbia's central bank Governor Radovan Jelasic said Wednesday.

Since late September, the dinar has fallen about 15 percent against the euro and 25 percent against the dollar. On Wednesday, the Serbian currency for the first time broke through the psychologically important barrier of 90 dinars per euro.

Economists say the currency's slide is caused by the reduced influx of foreign capital through credit and investment, the growth of risk premiums, the imbalance between supply and demand, and panic withdrawals of foreign currencies from private savings accounts.

Serbs have withdrawn about euro1 billion from their bank accounts since October.

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