Serbian national bank SOLD 40 MILLION EUROS to prevent PANIC!
As Jorgovanka Tabakovic said, this measure as it is "does not represent the spending of national reserves, rather their investment into financial stability"
Governor of the National bank of Serbia (NBS) Jorgovanka Tabakovic said yesterday that the NBS has prepared for in advance for the possible leaving of Britain from the EU and selling of 40 million euros from the foreign exchange reserves was adequate measure.
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"Serbian national bank has been preparing in advance for the potential result of the referendum in Great Britain if they left from the European Union. Increased uncertainty on world financial markets was not something that only happened on Friday, but its a trend that has been going on and it can be felt on domestic market in the past six months", said Tabakovic for Tanjug.
According to her, NBS has been striving to keep the relative stability in the foreign exchange market by using optimal reserves, respecting the principle of the market and efficiency and so far they have achieved successes.
"Intervention by selling the foreign exchange of 40 million euros on Friday, 24th June has shown to be effective and timely measure that prevented the possibility of panic on the local foreign exchange market and to soothe it", said Tabakovic.
As Jorgovanka Tabakovic said, this measure as it is "does not represent the spending of national reserves, rather their investment into financial stability".
Drop in the dinar exchange rate towards Euro for 0.1% today!
Mentioning the amount of the Friday intervention, that wasn't the highest daily amount of the foreign exchange selling in this year, and the governor concluded that "it speaks for itself that the pressure of referendum results in GB was not so terrible as it was in other countries".
"This is logical and expected for two reasons. First of all, Serbia is not greatly focused on GB on the market. Additional, the strengthening of the macroeconomic indices and lowering of the internal and external imbalances made our economy significantly resistant compared to the former "economic crisis impacts", said Tabakovic for Tanjug.
(Telegraf.co.uk / Tanjug)
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