Banking

It was called Silicon Valley Bank, but its collapse is causing shockwaves around the world.

In a move that sent global banking shares into turmoil, US regulators on Friday shut down Silicon Valley Bank, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

BELGRADE - The National Bank of Serbia (NBS) Executive Board decided on Thursday to raise the key policy rate by 25 bp to 5.75 pct, keeping the deposit facility rate at 4.50 pct and raising the lending facility rate to 7.0 pct.

Banks are offering transaction packages in the form of monthly subscriptions that can lead to savings ranging from 7 to 44 euros a month.

The Competition Commission is expected to present a proposal for the case of suspected harmonized practices by banks before the summer. 

This will be followed by a decision by the plenary session of the watchdog before the end of 2023, in the event, of course, that the proposal finds violations of the competition legislation. 

BELGRADE - The National Bank of Serbia (NBS) Executive Board decided on Thursday to raise the key policy rate by 25 bp to 5.5 pct.

The rates on deposit and credit facilities were raised by the same amount, to 4.5 pct and 6.5 pct, respectively, the central bank said in a statement.

BELGRADE - EIB Global has approved 45 mln euros for two educational projects in Serbia and 31 mln for water transport, and Finance Minister Sinisa Mali says the 76 mln euro aid will go to investments to modernise educational institutions as well as to further renovation and development of infrastructure.

Demand for loans by Greek small, medium-sized and large enterprises is expected to increase further, while demand by households is expected to remain unchanged in the first quarter of 2023, the Bank of Greece said on Tuesday.

The Hungarian banking group OTP has received clearance from the Slovenian market regulator to take over NKBM, Slovenia's second largest bank, and create what it says will be the largest bank in the country.

BNB increased the main interest rate in February to 1.82. In January it was 1.42%.

The central bank started increasing the main interest rate since October last year, when it went from 0 percent to 0.49 percent.