Serbian central bank, NBS, issues statement regarding shortage of euros!

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The Serbian central bank, NBS, has announced that it has taken measures within its remit to ensure that the channels for supplying banks and authorized exchange dealers with euros and other foreign currencies are functioning smoothly, "even in the days of heightened demand."

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The FX market Serbia is completely stable, with commercial banks and exchange offices supplied with sufficient quantities of foreign cash to meet all needs of the domestic market, the NBS said.

"There is no shortage of euros or other foreign currencies and citizens can perform exchange transactions in both directions - either buying or selling foreign cash - without any difficulties," the statement added.

"In an effort to make the supply of foreign cash to the exchange and FX markets even more efficient, the NBS Executive Board amended the relevant regulation defining the terms and manner of performing exchange operations to further ease the channel for the supply of cash by banks to authorized exchange dealers," the Serbian central bank announced.

The NBS has also warned all market participants of the need to act in accordance with law.

"As the regulator and supervisor of the banking sector and the sector of authorized exchange dealers, the NBS stands ready to punish strictly all those who, by acting irresponsibly, wish to benefit from the geopolitical circumstances which are currently extremely complex for our country," the bank said.

The NBS added that it holds "record-high FX reserves and, therefore, has ample quantities of foreign cash which suffice to cover all foreign cash needs of commercial banks and exchange offices multiple times."

"There is no reason why citizens should at any point be unable to buy euros in the exchange or FX market, at the dinar/euro exchange rate within the legally prescribed range relative to the official middle exchange rate of the NBS," the statement said.

As has been the case over more than 13 years, the NBS said it would continue to act responsibly, carefully monitor all developments in the domestic FX market and prevent any attempts at creating artificial instability.

At the same time, the NBS "will keep a close eye on all factors in the home FX market and respond as needed in order to preserve the relative stability of the exchange rate."

"We invite all citizens who experience difficulties in performing exchange transactions to contact the NBS and file a complaint regarding the suspected unlawful conduct, and the NBS will employ its supervisory mechanisms to check all allegations and ensure full compliance with regulations on exchange operations," the central bank concluded.

(Telegraf Biznis/Tanjug)