Economy

BELGRADE - The Serbian dinar's official median exchange rate against the euro is 117.2781 dinars for one euro on Tuesday, which is a slight change from Monday, the National Bank of Serbia said.

The dinar is steady against the euro m-o-m, up by 0.2 pct y-o-y and steady relative to the beginning of the year.

The peaceful conclusion of the Turkish elections and of the debt limit standoff in the US allowed European stocks to recover and the Greek bourse to extend its recent gains on Monday. The benchmark at Athinon Avenue climbed to a new nine-year high and turnover was remarkable given the holiday in the US and the UK.

BELGRADE - The Serbian dinar's official median exchange rate against the euro is 117.2771 dinars for one euro on Monday, which is a slight change from Friday, the National Bank of Serbia said.

The dinar is steady against the euro m-o-m, up by 0.2 pct y-o-y and steady relative to the beginning of the year.

President Recep Tayyip Erdoğan has vowed to fight inflation and to establish a finance management team with global reputation.

"Eliminating the problems caused by the rise of prices and compensate for welfare losses are the most urgent issues in the days ahead," Erdoğan said in a speech he delivered in Ankara after winning the second round of the presidential election.

A new targeted investment will help address the critical financing needs of Türkiye's micro, small, and medium enterprises in the agricultural sector, the International Finance Corporation (IFC) has said.

It will help in preserving jobs and aiding economic recovery, with a particular focus on earthquake-impacted areas, the IFC, a member of the World Bank Group, said in a statement.

Retail trade turnover increased by 13.2% in the first quarter of 2023 compared to the corresponding period last year, as it amounted to 14.88 billion euros, against €13.15 billion in January-March 2022.

Of course, part of this increase is related to price hikes.

The completion of the takeover of Dutch multinational LeasePlan by the French ALD Automotive for 4.9 billion euros leads to the merger of the two leasing and fleet management companies operating in Greece, with the position of managing director in the new structure (ALD Automotive-LeasePlan) being occupied by the previous CEO of LeasePlan, Costas Petroutsos.

Greece's four systemic banks recorded an increase in interest income between 50% and 75% in the first quarter of the year, benefiting from the rise in interest rates on their loan portfolios and the containment of interest rates on deposits.

The cost of new housing construction has recorded an increase of 65-70% from mid-2021 to date due to the successive crises - first the disruption in the supply chain caused by the pandemic and then the war in Ukraine. 

Greek bonds are already trading as though the country has regained investment grade, bank analysts that deal with Greek government debt told Reuters on Friday, with the news agency reporting that investors consider Greece's return to investment-grade credit ratings "a done deal."