Economy

IMF says Greece intends to treat program as precautionary

Greece does not plan to draw on money from the International Moentary Fund for the remainder of its loan program, an IMF spokesman said on Thursday.

"Certainly it's our understanding now that the authorities intend to continue the current fund arrangement on a precautionary basis," IMF spokesman Bill Murray told reporters in Washington.

Mandatory reserves rate reduced by one percent

BELGRADE - The Executive Board of the National Bank of Serbia (NBS) decided on Thursday to reduce the rate of mandatory bank foreign exchange reserves from 28 to 27 percent for funding sources with the maturity date of up to two years, and to cut the rate from 21 to 20 percent for bank funding sources with the maturity date of over two years.

NBS keeps key policy rate at eight percent

BELGRADE - The Executive Board of the National Bank of Serbia (NBS) decided Thursday to keep its key policy rate at the present level of eight percent, the central bank said in a release.

In making the decision, the Executive Board was guided by the fact that y-o-y inflation is still moving below the lower bound of the target tolerance band, the NBS said.

Three companies from Serbia ready to join EMAS III

BELGRADE - Three companies from Serbia stand ready to join the Eco-Management and Audit Scheme EMAS III, an EU environmental protection management system that allows participation by companies from countries outside the EU, Secretary of State at the Serbian Ministry of Agriculture and Environmental Protection Stana Bozovic said Thursday.

Unemployment falls to 25.7 pct in September

Greece's jobless rate fell to 25.7 percent in September from a upwardly revised 26 percent rate in August as the country's six-year recession eases, Greek statistics agency ELSTAT said on Thursday.

September's reading was the lowest since August 2012 when unemployment stood at 25.5 percent. The record high was set in September 2013, when unemployment hit 28 percent.

Next year's budget devised for 2.5pc growth, 2.2pc average inflation rate, 1.8pc deficit

Romania's aggregate consolidated budget for the coming year is built on a 2.5 pct economic growth, with the gross domestic product estimated at 709.681 million lei; the budget deficit is set at 13.004 million lei or 1.8 pct of GDP, according to the macroeconomic indicators of the budget construction published by the Public Finance Ministry.

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