Economy

BELGRADE - Serbian dinar is down by 0.5 percent on Tuesday, setting the official exchange rate at the record low RSD 123.4677 per one euro, reads a statement by the National Bank of Serbia (NBS).

The Serbian currency is down 2.3 percent against the Eurozone's single currency compared to a month earlier and 6.5 percent compared to a year earlier.

The International Monetary Fund on Monday wrote to the Romanian authorities expressing concern that without adequately assessing its impact and consulting all stakeholders, passage of a personal insolvency law could encourage financial indiscipline.

The US rating agency Standard & Poor's (S&P) has downgraded Russia's credit rating to junk, which is below investment grade.

Russia's credit rating has been lowered to such a level for the first time in a decade, Bloomberg reports.

Having a rating of BB+, Russia is on a par with Bulgaria and Indonesia, which makes it difficult for Moscow to borrow money from investors.

Standard and Poor's stripped Russia of its investment-grade rating on Jan. 26, cutting it to "junk" status with a warning of weak growth.

"The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened," the ratings agency said in a statement announcing the one-notch cut to a 'BB+' rating.

The International Monetary Fund has said it is ready to extend its financial support for Greece.

"We stand ready to continue supporting Greece, and look forward to discussions with the new government," IMF chief Christine Lagarde said in a statement on Monday, according to The Financial Times.

BELGRADE - The National Bank of Serbia (NBS) does not intend to introduce Swiss franc rate fix because that would cause immeasurable losses to the banking sector, NBS Governor Jorgovanka Tabakovic stated on Monday.

The call for the printing of money, made by Republika Srpska president Milorad Dodik, who is also the leader of the strongest Bosnian Serb party, the Alliance of Independent Social Democrats, triggered heated debates over the weekend.

Serbian currency hits record low against euro

BELGRADE -- The Serbian dinar (RSD) is down by 0.2 percent on Monday, setting the official exchange rate at the record low RSD 122.9081 per one euro.

The Serbian currency is down 1.8 percent against the eurozone's single currency compared to a month earlier and 6.0 percent compared to a year earlier, the central bank (NBS) said.

The International Monetary Fund (IMF) sustains that if endorsing the individuals' insolvency law without an adequate impact study and without consulting the associations involved, could never attain its goals and could have a negative impact on the financial market.

Photo credit: (c) Yin Bogu / XINHUA ARCHIVE

BELGRADE - Serbian dinar is down by 0.2 percent on Monday, setting the official exchange rate at the record low RSD 122.9081 per one euro, reads a statement by the National Bank of Serbia (NBS).

The Serbian currency is down 1.8 percent against the Eurozone's single currency compared to a month earlier and 6.0 percent compared to a year earlier.