Thursday, April 12, 2012

NBS lowers obligatory bank reserves

BELGRADE – The Executive Board of the National Bank of Serbia (NBS) adopted a new decision on the amount of obligatory bank reserves at the Thursday meeting whereby it lowered the rate of foreign exchange reserves with the maturity date of up to two years from 30 to 29 per cent, while the funds with maturity date of over two years were lowered from 25 to 22 per cent.

At the same time, the new decision upped a part of the banks' dinar-based foreign exchange reserves by five percentage points, increasing it to 20 per cent for funds with up to two years maturity date and to 15 per cent for funds with over two years maturity date.

The measure aims to contribute to stabilisation of the target inflation, moderate drop of loan costs and facilitate refunding, stabilise developments on the foreign exchange market and stimulate banks to obtain sources with longer maturity dates, NBS stated.

Reference interest rate remains at 9,5 percent

The Executive Board of the National Bank of Serbia (NBS) decided to keep the reference interest rate at 9,5 percent, the bank released on Thursday.

Inter-annual inflation continues to drop and it should reach its minimum in April, when it should oscillate around the lower limit of allowed deviation from the target rate, which totals 4,5 percent plus or minus 1,5 percent.

Low aggregate demand will continue to function as the most important disinflationary factor, NBS released.

Having in mind the uncertainties as regards the oscillation of prices of imported goods, the new agricultural season and faster growth of government-regulated prices in the second half of the year, the NBS Executive Board decided to keep the reference interest rate unchanged.

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