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24. September 2002 |
No serious reason for pushing down dinar exchange rate
BELGRADE - The National Bank of Yugoslavia has sufficient foreign currency reserves and there is no serious reason for depreciating the rate of exchange of the dinar
vis-à-vis the euro and the dollar, said on Tuesday Economic
Institute in Belgrade director Nebojsa Savic.
"The rate of exchange of the dinar should be formed according to market principles," Savic said at a press conference, noting that the domestic lobby of exporters is pressing for a faster depreciation of the rate of exchange of the national currency, in order to encourage exports. Savic explained that it would have a negative impact on exporters who depend on production material from abroad. On the other hand, it would cause higher inflation in the country, Sabic warned and added that the only realistic way out was for domestic exporters to increase productivity.
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