"Exchange rate stable despite pressures"

"Exchange rate stable despite pressures"

BELGRADE -- The exchange rate is "relatively stable and in line with monetary policy goals, despite certain pressures," NBS Governor Jorgovanka Tabaković says.

"When I say pressures, it does not entail only the negative ones," Tabaković stated and added that she would "like Serbia to be a country in which pressures would be endured as was the case with the pressures Serbia has been experiencing over the past few months."

She specified that the said pressures are connected to the payment of profits by companies and banks to their mother seats abroad.

Companies and banks have already transferred EUR 85 million worth of profits and the figure should double by the end of the year, Tabaković told a joint news conference with representatives of the International Monetary Fund (IMF) on Thursday in Belgrade.

Tabaković underscored that there are certain banks that decided to reinvest their entire profit in Serbia, and added that one bank with the mother seat outside Serbia is one of the first three that have done so until now.

The Serbian dinar (RSD) is also experiencing the pressures concerning the developments concerning fuel import, consequences of this year's floods and its impacts in the energy sector, as well as seasonal demand.

Tabaković noted that remittances dropped this year by 10 percent.