Tabakovic: The financial system is stable, there are enough dinars and foreign currency

The financial system in Serbia is stable, there are enough dinars and foreign currency and there is no need for citizens to be afraid and stand in line in front of banks, said today the governor of the National Bank of Serbia (NBS) Jorgovanka Tabakovic.

“If anything in Serbia is stable, it is the dinar and the exchange rate. The NBS knows what it is doing and is supplying banks with foreign cash,” Tabakovic said at a press conference.

As she explained, banks receive cash from the NBS during the day at the request of that morning, even those who are not entitled to it until they have exhausted their own reserves.

“The NBS will continue to work until the last request of citizens and banks is satisfied. We are ready for the crisis,” Tabakovic pointed out.

She appealed to the citizens, if there are restrictions on the amount of money that can be exchanged in exchange offices, to send e-mails with evidence of which bank or exchange office, and which transaction is in question.

According to her, it is inadmissible that during the pandemic, campaign, war in Ukraine, someone brings additional unrest among the citizens for which there is no reason.

According to her, the exchange offices, which number over 2,000, bought 174.6 million euros in the period from February 24 to March 6, and sold almost the same amount.

“There were 1.3 million transactions at the time of the purchase, which means that many small amounts were sold through exchange offices,” she said.

Tabakovic pointed out that the basic message that the NBS wants to send to citizens is that there is no room for fear or standing in line because “the domestic financial system has enough funds.”

She added that the domestic banking system is liquid and capitalized and that it can respond efficiently to customer requests.

She explained that the exchange rate of exchange offices can vary by plus or minus 1.25 percent in relation to the middle exchange rate of the NBS.

“We expect banks to share the burden and take responsibility for the safety of citizens by lowering the spreads, because there is no restriction for them like this for exchange offices,” Tabakovic said.

She added that a small number of exchange offices went beyond these limits, as well as that the Post of Serbia bought one million euros and sold 22 million, because it provided the amount of foreign currency that citizens demand through the state bank Postanska Å¡tedionica.

The General Director of the Banking Control Sector in the NBS, Darko Stamenković, said that the liquid assets of the banking sector increased by 21 billion dinars, to 1,522 billion dinars.

“There were certain withdrawals of deposits in Sbearbank, but that situation has drastically changed and we can say with full confidence that there is no problem with the liquidity of the banking sector,” Stamenković pointed out.

When asked by journalists how much the outflow of deposits has been since the beginning of the crisis, caused by the conflict in Ukraine, the NBS representatives stated that 24 million euros of deposits or 0.19 percent of the total foreign currency savings of the banking sector were withdrawn from domestic banks.

Tabakovic added that the NBS has foreign exchange reserves to defend the dinar exchange rate “at least three times longer than the war could last”.

She emphasized that Serbia faced a crisis with foreign exchange reserves of 16.5 billion euros.

When asked by journalists about the rise in inflation, Tabakovic said that it would be irresponsible to claim that the projections will remain the same, but that Serbia differs from other countries by lower core inflation, which is not affected by energy, food, alcohol and cigarette prices. of about four percent.

By Editor

Leave a Reply